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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, 02 October 18
PANAMAX: A FURTHER RISE ACROSS ALL MAIN ROUTES THIS WEEK - ALLIED
Capesize
Finally an upward recovery was in sight in the spot market the past few days, after the prolonged negative pressure noted the weeks pr ...
Tuesday, 02 October 18
THE PRICE OF OIL CONTINUES ITS CLIMB AMIDST A SERIES OF CONCERNS REGARDING SUPPLY CONSTRAINTS - GEORGE LAZARIDIS
It has been a busy week for oil traders as the price of oil continues its climb amidst a series of concerns regarding supply constraints.
...
Tuesday, 02 October 18
INDONESIA GETS READY TO MEET INCREASED COAL DEMAND FROM CHINA, FREIGHT TO RESPOND - MIKAL BOE
Indonesian coal suppliers have increased their domestic coal production target by 4.5 percent from a previous 485 million tonnes to a massive 507 m ...
Monday, 01 October 18
SUPRAMAX: A 56,000 DWT FIXED DELIVERY FOR A SURABAYA TRIP WITH REDELIVERY TO WEST COAST INDIA AT $13,500 - THE BALTIC BRIEFING
Capesize
A stop-start market for the big ships with many expectations and few fulfilled. Holidays curtailed trading early in the week, but the ...
Monday, 01 October 18
A NO-DEAL BREXIT WILL UNDOUBTEDLY HAVE CONSEQUENCES FOR IMPORTERS AND EXPORTERS - KATE JONES, THE BALTIC BRIEFING
If you live in the UK, you might be finding it difficult to get away from the Brexit debate. “Hard Brexit”, “soft Brexit”, ...
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Showing 1601 to 1605 news of total 6871 |
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- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Economic Council, Georgia
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
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