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