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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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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Planning Commission, India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
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