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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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Friday, 30 November 18
GOVT MULLS REQUIRING MINERS TO TURN COAL INTO GAS - THE JAKARTA POST
The government is considering requiring all coal miners to turn the raw commodity into dimethylether (DME) as a substitute for liquefied petroleum ...
Friday, 30 November 18
SUPRAMAX: N. CHINA TO INDIA OR SE ASIA SUPRAS ARE GETTING PAID AROUND US$ 6000 - FEARNLEYS
Capesize
Sharp rise in spot activity and income, admittedly from very low levels, for the big ships. West Australia/China and Brazil/Far East b ...
Thursday, 29 November 18
NEW IMSBC CODE REQUIREMENTS AIM TO CONTROL LIQUEFACTION OF COAL CARGOES - GARD
KNOWLEDGE TO ELEVATE
The International Maritime Solid Bulk Cargoes (IMSBC) Code describes coal as a natural, solid, combustible material consi ...
Wednesday, 28 November 18
SHIPPING MARKET INSIGHT - GEORGE LAIOS
Last week I had the privilege to attend the SingularityU Greece Summit, in Athens. It was a privilege because you do not often have the chance to s ...
Tuesday, 27 November 18
PANAMAX AND SUPRAMAX INDICES WITNESSED A DECLINE OF JUST BELOW 14% IN THEIR MEAN ON A MONTH-ON-MONTH COMPARISON - ALLIED SHIPPING
A month of sharp corrections and great asymmetries for the dry bulk sector, with the overall overview of the market shipping rapidly from a state o ...
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- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- PTC India Limited - India
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- White Energy Company Limited
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- The University of Queensland
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
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