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