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Wednesday, 26 October 22
BIMCO PUBLISHES UPDATED GENCON CONTRACT
 BIMCO has published a revised and updated version GENCON 2022 – one of its flagship contracts within its portfolio of standard contracts for the maritime industry. The revisions reflect significant changes in the regulatory landscape since the contract was last updated.
In response to changes within the areas of regulation and safety, BIMCO has updated GENCON 1994 to reflect the commercial and legal requirements in today’s shipping practices. The voyage charter party, used in dry bulk trade, was last updated in 1994 and the new version addresses all terms and conditions that the commercial parties need to incorporate by means of rider clauses. This will help companies that may not have an internal legal department to turn to for assistance.
The drafting group engaged in the development of GENCON 2022 consisted of representatives from both the chartering and shipowning sector to assure the new version strikes the right balance with regards to the rights and obligations of both parties.
“When we sit down and start the process of drafting standard contracts and clauses for the maritime industry, our focus is on striking the right balance between the parties involved. This is regardless of which contract or clause is on the drawing table. The drafting of GENCON 2022 reflects this,” says Søren Larsen, BIMCO Deputy Secretary General.
Focus has also been on the importance of producing a clearly worded contract that leaves little room for disputes on matters of interpretation.
“I have been active in dry bulk shipping all my working life and have seen how important it can be to get the wording just right,” says John Weale, Chairman of the drafting sub-committee. “There is no perfect charter party, but I do believe that GENCON 2022 will go a long way towards meeting the needs of today’s industry and avoiding disputes.”
The 2022 update will mark 100 years since GENCON was first launched by BIMCO, as the first edition was published in 1922.
Source: BIMCO
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Thursday, 22 December 22
RUSSIAN OIL EXPORTS CRATER BY 54% IN THE FIRST FULL WEEK OF THE EU'S EMBARGO AMID A SHORTAGE OF TANKERS WILLING TO CARRY CARGOES - BUSINESS INSIDER
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bl ...
Thursday, 22 December 22
CHINA TIGHTENS VERIFICATION OF SHIPS’ ENERGY CONSUMPTION DATA - GARD
From 22 December 2022, ships trading to Chinese ports must record their energy consumption data in accordance with the requirements of their Ship E ...
Thursday, 22 December 22
AN OVERVIEW OF THE LNG MARKET - VESSELSVALUE
LNG values have continued to strengthen, spurred by skyrocketing earnings that have surpassed last year’s record breaking peaks. In November, ...
Thursday, 22 December 22
COKING COAL SLUMPS AS TALKS ON AUSTRALIA-CHINA TRADE RIFT LOOM - REUTERS
Chinese coking coal futures dropped more than 3 per cent on Tuesday (Dec 20), extending losses, as supply of the steelmaking input might increase i ...
Thursday, 22 December 22
COAL AND GAS PRICE CAPS MAY COMPOUND POLITICAL RISK FOR AUSTRALIAN CORPORATES - FITCH RATINGS
Australia’s introduction of temporary price caps on domestic sales of gas and coal used for electricity generation will probably have limited ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
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