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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, 21 November 18
SHIPPING MARKET INSIGHT - DIMITRIS KOURTESIS
Halfway through the fourth and last quarter of the year, we spot a significant change in freight rates for tankers trading dirty, as well as on the ...
Tuesday, 20 November 18
FREIGHT RATES IN THE CRUDE OIL MARKET HAVE ALREADY PICKED UP OVER THE PAST COUPLE OF WEEKS - YIANNIS VAMVAKAS
Current geopolitical developments between Iran and the US, which have led the latter to re-impose its sanctions, have significantly affected oil pr ...
Tuesday, 20 November 18
GOLDEN ENERGY AND RESOURCES LEADS A$249M BID FOR AUSTRALIA-LISTED STANMORE COAL - THE STRAITS TIMES
Singapore-listed Golden Energy and Resources (GEAR) is leading deals worth up to A$249 million (S$250 million) to acquire Australia-listed Stanmore ...
Monday, 19 November 18
INDONESIA'S LEADING EIGHT COAL MINER'S COAL MINING CONTRACTS ARE EXPECTED TO EXPIRE BETWEEN YEAR 2019 - 2025
The Ministry of Energy and Mineral Resources (ESDM) said, eight Coal Contract of Works (CCoW) will expected to expire between 2019 to 2026, Liputan ...
Monday, 19 November 18
SUPRAMAX: THE BSI CONTINUED TO FALL LAST WEEK, ESPECIALLY THE ASIAN ROUTES - BALTIC BRIEFING
Capesize
After a cut throat couple of weeks, the market finally appeared to have found a floor and rates ticked up. Those analysts that predict ...
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Showing 1556 to 1560 news of total 6871 |
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- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Xindia Steels Limited - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
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