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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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Thursday, 13 September 18
SHIPPING IS INCREASINGLY CAUGHT IN THE TRADE WAR LINE OF CROSSFIRE - PETER SAND
Once again, the already long list of tariffed goods has been made even longer. Many more commodities were hit on 23 August, but September is likely ...
Wednesday, 12 September 18
THE INTERRELATIONSHIP BETWEEN LETTERS OF INDEMNITY AND CHARTERPARTY "TIME BAR" PROVISIONS - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Introduction
A recent English Court of Appeal decision provides important guidance on the applicability of charterpar ...
Wednesday, 12 September 18
IS LNG POISED FOR A NEW GROWTH CYCLE? - WOOD MACKENZIE
Gas needs to work for its long-term sustainability. But the mood music is upbeat. Just 18 months ago the LNG market was depressed, anticipating an ...
Wednesday, 12 September 18
U.S. TOTAL COAL EXPORTS TO BE 107 MMST IN 2018 AND 101 MMST IN 2019 - EIA
EIA forecasts U.S. coal production will decline by 1% to 768 million short tons (MMst) in 2018, despite a 10% (10 MMst) increase in coal exports.
...
Wednesday, 12 September 18
MARINE BUNKERS: THE END OF THE WORLD AS WE KNOW IT - IBIA
KNOWLEDGE TO ELEVATE
The world of bunkers is heading for rapid and fundamental changes and not just because of the 0.50% sulphur cap in 2020. ...
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- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Australian Coal Association
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
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