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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, 28 August 18
SUPRAMAX: A COAL TRIP VIA INDONESIA PAID $13,500 ON A 56,000DWT TO WC INDIA - BALTIC BRIEFING
Capesize
The Singapore holiday mid-week disrupted trading and unsettled the market, with owners losing some resilience. The market took on a la ...
Tuesday, 28 August 18
SHIPPING MARKET UPDATE - GEORGE LAZARIDIS
As we edge close to the start of the Autumn Season, a period within the year that is usually characterized as the pivot point from the final quarte ...
Friday, 24 August 18
KOREAN RESTRICTIONS ON COAL SULPHUR IMPACTING HUNTER EXPORTS - THE HERALD
WARNINGS that Korean restrictions on sulphur levels in coal could hurt the Hunter industry appear to have been accurate, according to a report in t ...
Thursday, 23 August 18
RUSSIA'S MECHEL PRODUCED 9.69 MMT OF RUN-OF-MINE COAL IN 1H'2018
Mechel PAO, one of the leading Russian mining and metals companies, announces 1H2018 operational results.
Mechel PAO’s Chief E ...
Thursday, 23 August 18
SUPRAMAX: SOME FRESH COAL CARGOES APPEARED IN SE ASIA, GIVING A BIT PRESSURE ON RATES FOR END AUGUST SHIPMENTS - FEARNLEYS
Capesize
Slightly softer but generally very healthy for the big ships, with limited supply of early tonnage and positive Brazilian ore export v ...
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Showing 1636 to 1640 news of total 6871 |
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- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- White Energy Company Limited
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Australian Coal Association
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Posco Energy - South Korea
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
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