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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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Wednesday, 12 September 18
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
A recovery in the shipping market since last year has buoyed optimism amongst the people in the industry. Yet if you are to ask most ship-owners if ...
Monday, 10 September 18
HANDYSIZE: PERIOD ACTIVITY REMAINED LIMITED WITH A 37,000DWT REPORTEDLY FIXED FOR FOUR TO SIX MONTHS AT $10,500, OPEN IN MALAYSIA IN MID-SEPTEMBER - BALTIC BRIEFING
Capesize
Rates came under pressure for the big ships last week, despite paper values holding at reasonable levels as these trades continued to ...
Thursday, 06 September 18
INDONESIAN COAL PRICE REFERENCE FALLS FOR FIRST TIME IN 3 MONTHS
COALspot.com: The benchmark price of Indonesian thermal coal falls for first time in three months.
According to the latest min ...
Thursday, 06 September 18
SUPRAMAX: SE ASIA-INDO ROUNDS WITH COAL HAVE BEEN CONCLUDED IN THE $13000S RANGE - FEARNLEYS
Capesize
The big ships experiencing a bump in the road towards what is commonly expected to be by far the best period of this year. Average dai ...
Wednesday, 05 September 18
ASIAN DEMAND COULD CREATE DEFICIT IN GLOBAL LNG MARKET - FITCH RATINGS
Growing gas demand from Asia, particularly from China, could swing the liquefied natural gas (LNG) market into a deficit by 2022-2025, Fitch Rating ...
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Showing 1626 to 1630 news of total 6871 |
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- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- The University of Queensland
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
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