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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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Saturday, 28 July 18
GOVERNMENT TO REVOKE COAL PRICE CAP POLICY - JP
The government plans to revise its domestic market obligation (DMO) on coal price next week during a high-level meeting with President Joko “ ...
Thursday, 26 July 18
A SUPRAMAX IS NOW PAID AROUND USD 21,500 FOR LOADING IN THE US GULF WITH DISCHARGE IN THE FAR EAST - FEARNLEYS
Cape
There has been a relatively strong summer period so far, and there is a strong week we have left behind us.
In the Pa ...
Thursday, 26 July 18
ASEAN COAL IMPORTS INCREASED IN 2Q' 18 COMPARED TO THE PRIOR YEAR; THIS TREND TO CONTINUE AS 56 GIGAWATTS OF NEW COAL PLANTS IN 24 COUNTRIES WORLDWIDE ARE EXPECTED TO COME ONLINE IN 2018 - PEABODY
Peabody announced its second quarter 2018 operating results, including revenues of $1.31 billion, income from continuing operations, net of income ...
Wednesday, 25 July 18
COAL MINER BUKIT ASAM'S PROFIT GROWS 50% IN FIRST HALF - JP
Coal miner Bukit Asam announced 50 percent profit growth to Rp 2.58 trillion (US$177.33 million) in the first half of 2018, on the back of a coal-p ...
Wednesday, 25 July 18
TANKER MARKET INSIGHT - DIMITRIS KOURTESIS
We are now into the second half of 2018, which so far has not been a fruitful year for tankers. With 2020 quickly approaching we need to consider t ...
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- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Economic Council, Georgia
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- VISA Power Limited - India
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- The University of Queensland
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
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