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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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Monday, 17 September 18
SMALL PERCENTAGE OF THE WORLD FLEET WILL FIT SCRUBBERS - FORECASTS : METTE KRONHOLM FRAENDE
In recent months, there have been numerous reports of a strong pick-up in demand for scrubbers. On 1 January 2020, however, the number of ships fit ...
Saturday, 15 September 18
POWERING SUSTAINABLE DEVELOPMENT WITH LOW EMISSION COAL TECHNOLOGIES - WCA
In its 5th Strategic Energy Plan this year (2018), the Japanese Cabinet recognised coal as an important energy resource, necessary for the country& ...
Friday, 14 September 18
10 YEARS ON FROM LEHMAN, HOW IS SHIPPING'S "HANGOVER"? - CLARKSONS RESEARCH
On 15th September 2008, the collapse of Lehman Brothers crystallised the financial crisis and the onset the worst economic downturn for a century. ...
Thursday, 13 September 18
OPEC SEES SLOWER 2019 OIL DEMAND GROWTH, WARNS ON ECONOMY
Crude Oil Price Movements
In August, the OPEC Reference Basket declined by $1.01 m-o-m, settling at $72.26/b. Crude oil futures were also down ...
Thursday, 13 September 18
SUPRAMAX: INDO-INDIA COAL RUN WAS FIXED CLOSE TO $16000 ON ULTRA - FEARNLEYS
Capesize
Rates took a further drop in the beginning of the week, to later find a floor around mid-week reaching mid USD 7 level for c5 and just ...
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Showing 1616 to 1620 news of total 6871 |
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- Baramulti Group, Indonesia
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- PTC India Limited - India
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
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