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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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Monday, 26 November 18
SUPRAMAX: THE ASIAN MARKET STALLED THIS WEEK WITH A BUILD-UP OF TONNAGE - BALTIC BRIEFING
Capesize
It was a positive end to the week, with West Australia/China making significant gains and firing owners’ resolve. There was talk ...
Friday, 23 November 18
GOLDEN ENERGY'S POTENTIAL ACQUISITION OF STANMORE CREDIT POSITIVE - FITCH RATINGS
Golden Energy and Resources Limited's (GEAR, B+/Positive) potential acquisition of Stanmore Coal will help the company diversify its coal opera ...
Friday, 23 November 18
ASSOCIATION CALLS FOR REVISION OF DMO SCHEME FOR COAL - JP
The Indonesian Coal Mining Association (APBI) has called on the government to revise the domestic market obligation (DMO) scheme for coal, which re ...
Friday, 23 November 18
INDONESIA'S REVENUES FROM MINERAL AND COAL INCREASE TO US$ 2.858 BILLION - ANTARA
Indonesia`s non-tax state revenues from the mineral and coal sub-sector reached Rp 41.77 trillion (approximately US$ 2.858 Billion) as of Nov 16, 2 ...
Thursday, 22 November 18
SHUT OUT OF CHINA, U.S. COAL EXPORTERS FIND FAVOUR IN INDIA, FOR NOW - REUTERS
U.S. coal exporters have effectively lost a promising market in China since the imposition of tariffs as part of the ongoing trade dispute, but so ...
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- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- White Energy Company Limited
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
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