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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, 24 July 18
TANKER MARKET : IN TERMS OF TRADE, THE STEPS THAT WERE SLOWLY BEING TAKEN BY OPEC AND RUSSIA - GEORGE LAZARIDIS
Despite the fact that the tanker market still seems to be in the midst of a perfect storm, there are still strong indicators that better sailing da ...
Thursday, 19 July 18
VINACOMIN PRODUCES OVER 20 MLN TONNES OF RAW COAL FROM YEAR'S START - VNA
The Vietnam National Coal and Mineral Industries Group (Vinacomin) has produced over 20 million tonnes of raw coal and 19.3 million of clean coal f ...
Wednesday, 18 July 18
INDONESIA TO AUCTION 16 MINING SITES - JP
Indonesia will soon auction 16 mining sites as no proposal submissions have been submitted by state-owned enterprises (BUMN) and regional administr ...
Wednesday, 18 July 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
The new regulations for Chinese flag restricting import of Tier I ships have dominated market sentiment during the past days as buyers have been tr ...
Thursday, 12 July 18
SUPRAMAX: INDO/CHINA COAL RV IS BEING FIXED AROUND USD 10500 BSS SINGAPORE - FEARNLEYS
Capesize
Cape market continue to be extremely volatile says Fearnleys in its latst weekly report.
The further noted that, last week ended wi ...
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- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- PTC India Limited - India
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
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