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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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Sunday, 18 November 18
COAL STOCKS IN A THIRD OF NTPC PLANTS CLOSE TO NIL - FINANCIAL EXPRESS
Coal supply shortage continues to haunt NTPC, the country’s largest power generator, with latest government data showing 31% of the company&r ...
Thursday, 15 November 18
OIL MARKET REPORT: HEEDING THE WARNINGS - IEA
In last month’s Report, we noted that since the middle of the year oil supply had increased sharply, with gains in the Middle East, Russia an ...
Wednesday, 14 November 18
BIMCO ADOPTS 2020 BUNKER CLAUSES
BIMCO has developed two 2020 bunker clauses that deal with general compliance and the transitional period for an early December release.
...
Wednesday, 14 November 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The shipping industry is going through an interesting period across all markets. Since the end of last year, the Dry Baltic Index has been showing ...
Tuesday, 13 November 18
INDIA: POWER DEMAND UP; COAL STOCKS AT MINES AT A 5-YEAR LOW - FINANCIAL EXPRESS
Stocks at Coal India mines plunged to a five-year low of 21 million tonne (mt) in October, as a sudden surge in demand for the fuel from the power ...
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- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
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