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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, 24 October 18
CHINESE POWER PLANT STOCKPILES AT HIGHEST LEVEL SINCE 2015 - JEFFREY LANDSBERG
Chinese power plant coal stockpiles have climbed to approximately 83.3 million tons as of the middle of this month, said Jeffrey Landsberg in his e ...
Tuesday, 23 October 18
WILL THE U.S. COAL DECLINE CONTINUE? - FORBES
What’s Trump’s new coal proposal?
Adding to its controversial plan to leverage federal authority to keep retiring baselo ...
Monday, 22 October 18
CONTINUED HIGH LNG PRICES; TRADE WAR IMPACT LIMITED - FITCH RATINGS
Fitch Ratings expects sustained high spot liquefied natural gas (LNG) and contract prices over the next two quarters on limited investment in LNG e ...
Monday, 22 October 18
WINTER OIL MARKET OUTLOOK - OPEC
The oil market in the winter season is generally characterized by demand for diesel, particularly in the northern hemisphere, leaving product marke ...
Saturday, 20 October 18
PANAMAX: THE PACIFIC SAW A LARGE VOLUME OF FIXING, WITH INDONESIA AGAIN THE DRIVING FORCE - THE BALTIC BRIEFING
Capesize
A positive end to last week after a shaky start, with a Coaltrans taking participants out of the market early on and with rates slippi ...
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- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
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