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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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Friday, 28 September 18
INDONESIA 2018 COAL OUTPUT TARGET NOW AROUND 507 MLN T - ENERGY MINISTRY : REUTERS
Indonesia has increased its 2018 coal production target to around 507 million tonnes from a previous target of 485 million tonnes, the Energy Minis ...
Friday, 28 September 18
FITCH RATINGS: METALLURGICAL COAL MINERS MAY CURB COSTS AS PRICES SLIP
Strong cost inflation in the global metallurgical coal sector suggests that miners may focus on cost controls as prices decline from their current ...
Wednesday, 26 September 18
IS YOUR CHARTER PARTY READY FOR 2020? - METTE KRONHOLM FRAENDE, BIMCO
As the deadline for the IMO’s global low-sulphur fuel requirements fast approaches, it is necessary to carefully check the bunker clauses in ...
Wednesday, 26 September 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Despite the fact that the dry bulk SnP market saw an admittedly busy summer season, there is a noticeable slowdown in activity during the past thre ...
Tuesday, 25 September 18
THE INCONVENIENT TRUTH OF RISING COAL PRICES - FORBES
Coal prices are not supposed to be rising as governments tighten environmental controls but that’s precisely what is happening at the premium ...
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Showing 1606 to 1610 news of total 6871 |
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- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Planning Commission, India
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Minerals Council of Australia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Australian Coal Association
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
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