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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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Sunday, 07 October 18
SUPRAMAX: INDO-INDIA USUAL COAL RUNS WERE COVERED AT US$ 12K - FEARNLEYS
Capesize
Average daily earnings up close to 15 pct in 5 trading days, thus patience finally paying off for owners of the big ships - Chinese play ...
Sunday, 07 October 18
A CASE FOR 20/20 VISION? IMO'S LOW SULPHUR FUEL LIMIT UNDER MARPOL ANNEX VI WHICH COMES INTO FORCE ON 1ST JANUARY 2020
KNOWLEDGE TO ELEVATE
The implementation of the global 0.5% sulphur cap for bunker fuel under MARPOL Annex VI in just under 18 months’ ti ...
Friday, 05 October 18
COAL PRODUCTION REACHES 64% OF 2018 TARGET : THE JAKARTA POST
National coal production up to August has already reached 311 million tons, or 64 percent of this year's total target of 485 million tons, acco ...
Wednesday, 03 October 18
VALUE OF AUSTRALIAN COAL EXPORTS TIPPED TO DECLINE SHARPLY OVER NEXT 18 MONTHS - THE GUARDIAN
Thermal coal prices forecast to drop 25% and metallurgical coal prices 23% as value of iron ore exports also falls
The value of Aust ...
Wednesday, 03 October 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
The bunker fuel supply and availability landscape is close to its transformation with the enforcement of the IMO’s global 0.5% fuel Sulphur c ...
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- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- The University of Queensland
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
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