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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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- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Parliament of New Zealand
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Australian Coal Association
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- White Energy Company Limited
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Parry Sugars Refinery, India
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