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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, 12 November 18
COAL BUSINESS REMAINS PROSPECTIVE - ANTARA
Coal business happened to be sluggish in the 2012-2015 period because coal prices in the world market fell sharply, but it has begun to crawl up si ...
Monday, 12 November 18
INDONESIA'S HBA ENDS DECLINE IN NOVEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 07 November 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
This has been another active week in the second-hand market for both the dry bulk and tanker sectors. Buying interest has recently increased, which ...
Monday, 05 November 18
TIGHTER FUEL RULES COULD RAISE SHIPOWNERS' COSTS AND CAPEX - FITCH RATINGS
More stringent fuel regulations regarding sulphur content could significantly increase global shipping companies’ operating costs and capex n ...
Friday, 02 November 18
COAL FETCHES 102% PREMIUM IN E-AUCTION, SURPASSING THE EARLIER HIGHEST OF 95% - FINANCIAL EXPRESS
Coal prices have received a premium of 102% in spot e-auction during September 2018, surpassing the earlier highest of 95% premium during the spot ...
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- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- The University of Queensland
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
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