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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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Friday, 04 November 22
CHINA EXPANDS COAL TERM CONTRACTS TO ALL MINES TO STABILIZE MARKET - REUTERS
China has expanded long-term thermal coal supply contracts for 2023 to all coal mines and asked power utilities to source more of their demand thro ...
Thursday, 03 November 22
HANDYSIZE VALUES MOVING UP IN OCTOBER, WHILE LNG VALUES SKYROCKET - VESSELSVALUE
Handysize values have increased this month across most ages, following a period of decline. Values for generic 10 year old Handysizes have moved up ...
Thursday, 03 November 22
EUROPEAN GAS SUPPLY SURPLUS, NOVEMBER HBA DOWN TO US$ 308.2 PER TON - ESDM
European gas supply conditions have a major influence in determining fluctuations in the Reference Coal Price (HBA). The November 2022 HBA recorded ...
Wednesday, 02 November 22
MARKET INSIGHT - INTERMODAL
Only five weeks before western sanctions’ full effect, uncertainty over energy has markets and governments on the edge. What was initially th ...
Tuesday, 01 November 22
CHINA COAL TRADE DISRUPTED BY COVID OUTBREAKS AS WINTER LOOMS - REUTERS
China’s strict COVID-19 policy is constraining coal supplies and pushing up prices, industry officials and traders say, just weeks before the ...
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- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- The University of Queensland
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
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- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
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- Global Business Power Corporation, Philippines
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- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
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