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Friday, 28 December 18
BIMCO 2020 SULPHUR CLAUSES: "A FAIR ALLOCATION OF RESPONSIBILITIES AND LIABILITIES'? - INCE & CO.
 To assist owners and charterers to address the legal issues arising under any time charterparties, which will span the 1 January 2020 implementation date (or end shortly before), BIMCO has published two bunker clauses (accessible on the BIMCO website):
- The 2020 Marine Fuel Sulphur Content Clause for Time Charter Parties, which replaces the BIMCO Fuel Sulphur Content Clause 2005. This requires charterers to provide fuel that complies with the applicable sulphur cap; and
- The 2020 Fuel Transition Clause for Time Charter Parties, which deals with the one-off event of removing, if necessary, all non-complaint fuel from the vessel.
A third clause dealing with scrubbers is expected to be published by BIMCO early next year. This is likely to propose a regime under which the costs of installing scrubbers are allocated between owners and charterers.
The clauses are to be welcomed by the market as they provide a very helpful starting point for owners and charterers in amending their charterparties to address the different issues arising out of the sulphur cap. However, the BIMCO clauses have generally been drafted with a view to providing what the BIMCO drafting committee consider to be a “fair allocation of responsibilities and liabilities” in line with existing default charterparty contracting positions. Whether individual owners or charterers consider them to be fair, or even want them to be fair, when considering their own operational arrangements is a different matter.
Operators would be well advised not to simply insert the new provisions into their charters. It is probable that they will want to amend the standard wording depending on how they wish to allocate risk and cost. Moreover, owners and charterers must ensure that the new clauses complement, rather than contradict, the other terms of the charter in question. Changes will almost certainly be needed to existing charterparty clauses to avoid disputes arising. For example, the clauses dealing with delay or deviation may need amending to address the risk of shortages in low sulphur fuel in particular ports or regions, force majeure events may need re-defining and the responsibility for payment of any penalties or fines imposed by flag and coastal states for breach of the regulations must be clarified.
There will undoubtedly be a period of operational disruption and freight/hire rate volatility in the early part of 2020, as the market gets to grips with the new provisions. We recommend that owners set an ‘internal’ soft deadline in advance of 1/1/2020 for the amendment of their charters and the implementation of the protocols and procedures necessary to comply with the new cap. This pro-active approach should help iron out any teething problems and place owners in the prime position to take those opportunities that will inevitably arise in times of uncertainty, disruption and market volatility.
We are currently working with clients on drafting bespoke provisions to suit their particular needs. If you would like any assistance in this regard, please do not hesitate to contact Rory Macfarlane or Geraldine Koon at Ince & Co in London, or your usual contact.
Source: Ince & Co.
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Wednesday, 05 December 18
WORLD COAL PRICES FALL, WITH INDONESIA BENCHMARK FOR DECEMBER, ENDING AT LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 05 December 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
Is the rise in crude carrier rates driven only by seasonality, or is the recent positive reversal signaling the end of challenging days for the mar ...
Monday, 03 December 18
WCA'S ENGAGEMENT AT COP24 IN KATOWICE - WCA
The 24th Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC) will take place from the 2-14 December 2018 in K ...
Monday, 03 December 18
SUPRAMAX: FIXED DELIVERY KALIMANTAN TO WEST COAST INDIA, AT $11000 - THE BALTIC BRIEFING
Capesize
A roller-coaster week for the big ships with hopes soaring at the start for a mini last quarter revival, only to be dashed as the week ...
Sunday, 02 December 18
TRADE WAR LEADING TO HEADWINDS FOR THE FRAGILE DRY BULK RECOVERY - PETER SAND, BIMCO
The first twelve weeks of the 2018/19 marketing year, which started on 1 September 2018, have painted a dire picture for US soya bean exports which ...
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- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- The University of Queensland
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
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