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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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Tuesday, 29 November 22
SEABORNE COAL FLOWS IN 2022 - SIGNAL
This year is crucial for the energy mix in European countries, as the EU has imposed new sanctions on Russia. It is important to emphasize that the ...
Friday, 25 November 22
APAC THERMAL COAL PRICES CORRECT FROM RECORD HIGH - FITCH RATINGS
Prices of Newcastle 6,000kcal/kg coal have corrected following falling European gas and coal prices, and more supply from Australia could help miti ...
Thursday, 24 November 22
VIETNAM BOOSTS COAL USE PLAN FOR 2030 AS G7 CLIMATE OFFER STALLS - REUTERS
Vietnam has increased its coal power target for 2030 under a revised draft energy plan, government documents seen by Reuters show, while renewables ...
Tuesday, 22 November 22
THE GENCON 2022 CHARTERPARTY - GARD
KNOWLEDGE TO ELEVATE
BIMCO has published a revamped version of the popular GENCON charterparty. Our author, Helena Biggs, was a member of the ...
Tuesday, 22 November 22
INDIA POWER BINGES ON COAL, OUTPACES ASIA - REUTERS
India’s coal-fired power output has increased much faster than any other country in the Asia Pacific since Russia’s invasion of Ukraine ...
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- Indian Energy Exchange, India
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- GAC Shipping (India) Pvt Ltd
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- IEA Clean Coal Centre - UK
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Heidelberg Cement - Germany
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- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
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- Aboitiz Power Corporation - Philippines
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- Minerals Council of Australia
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- Kohat Cement Company Ltd. - Pakistan
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- Sarangani Energy Corporation, Philippines
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- Coalindo Energy - Indonesia
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- Economic Council, Georgia
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- Africa Commodities Group - South Africa
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- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
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- Marubeni Corporation - India
- Ministry of Transport, Egypt
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Wilmar Investment Holdings
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- Karbindo Abesyapradhi - Indoneisa
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- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
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- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
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- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
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- Wood Mackenzie - Singapore
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- Bulk Trading Sa - Switzerland
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- Videocon Industries ltd - India
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