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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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Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 08 October 18
KOMIPO INVITES BIDS FOR 520,000 TONS OF COLOMBIAN ORIGIN OF 5,700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Colombian origin ...
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- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Thai Mozambique Logistica
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
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