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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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Thursday, 18 October 18
SUPRAMAX: INDO/WC INDIA SUPRAS ARE FIXING AROUND MID $14000S P/D BASIS SPORE DELIVERY
Capesize
The volatile Cape market continues this week, especially in the Pacific says Fearnleys in its latest weekly report.
...
Thursday, 18 October 18
COAL SHORTAGE HITS POWER SECTOR AGAIN; HOW INDIA CAN GET ITS PRODUCTION RIGHT - ANIL SWARUP
By convincing states of the value proposition of increased production, the record production of Fy15 & Fy16 can be emulated.
The ...
Thursday, 18 October 18
CHINA POWER REFORM NEUTRAL ON GRIDS, PRESSURES IPP MARGINS - FITCH RATINGS
China's power sector reform has a broadly neutral impact on transmission grids although it will pressure the power producers' margins, says ...
Wednesday, 17 October 18
ESCROW SERVICE FOR BALTIC MEMBERS NOW LIVE
The Baltic Exchange’s Escrow Service for its members to hold deposits for ship sale transactions goes live today (15 October). The service is ...
Wednesday, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do ...
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Showing 1586 to 1590 news of total 6871 |
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- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Australian Coal Association
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
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