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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, 02 September 22
ABM INVESTAMA BUYS 30% GEMS SHARES FOR US$ 420 MILLION
PT ABM Investama Tbk through its indirect subsidiary, bought a 30% stake in the PT Golden Energy Mines Tbk for US$ 420 million or around Rp 6.2 tri ...
Wednesday, 31 August 22
MARKET INSIGHT - INTERMODAL
Scorching temperatures and extremely dry conditions during the Northern hemisphere summer have been drying crops. Yield prospects have subsided in ...
Tuesday, 23 August 22
HIGH COAL PRICES COULD BOOST INDONESIA'S ENERGY TRANSITION - IEEFA
Global coal prices have reached an all-time high as countries stop purchasing Russian coal amidst the Russia-Ukraine conflict. Indonesian coal comp ...
Tuesday, 23 August 22
A COMBINED US$6.8-BILLION CASH BALANCE OF INDONESIAN COAL COMPANIES COULD PROVIDE FOR TIMELY INVESTMENTS IN GREEN TRANSITION - IEEFA
A combined US$6.8-billion cash balance of Indonesian coal companies could provide for timely investments in green transition
The opp ...
Tuesday, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- The University of Queensland
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
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