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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, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal import ...
Tuesday, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
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- Attock Cement Pakistan Limited
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- Indogreen Group - Indonesia
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- GAC Shipping (India) Pvt Ltd
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- Parliament of New Zealand
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- Chamber of Mines of South Africa
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- Economic Council, Georgia
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- Siam City Cement - Thailand
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- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
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- Alfred C Toepfer International GmbH - Germany
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- Aboitiz Power Corporation - Philippines
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- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
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- Coalindo Energy - Indonesia
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- Ministry of Mines - Canada
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- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
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- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
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- White Energy Company Limited
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
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- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
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- Eastern Coal Council - USA
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- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Heidelberg Cement - Germany
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
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