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