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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, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
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- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Parliament of New Zealand
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Planning Commission, India
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- VISA Power Limited - India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
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