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