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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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Tuesday, 19 July 22
WHY SHIPPING MIGHT BE ABOUT TO GET A LITTLE BIT SLOWER - WORLD ECONOMIC FORUM
If shipping is the beating heart of global trade, its pulse is about to get slower.
Faced with uncertainty about which fuels to use in the long ...
Tuesday, 19 July 22
GERMANY'S INCREASED COAL, OIL USE WILL BE TEMPORARY, SCHOLZ SAYS - CNBC
Chancellor Olaf Scholz says Germany’s decision to reactivate coal and oil-fired power plants to relieve energy shortages because of the war i ...
Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finan ...
Tuesday, 19 July 22
CHINA'S JUNE DAILY COAL OUTPUT JUMPS ON PEAK SUMMER DEMAND - REUTERS
China’s daily coal output in June rose 6.6 per cent from a month earlier as miners cranked up output ahead of peak summer temperatures, when ...
Tuesday, 19 July 22
SEEING RED? - WOOD MACKENZIE
What a Republican mid-term victory could mean for US energy and climate policy
According to current polling the Republican Party has ...
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- Africa Commodities Group - South Africa
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- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- The State Trading Corporation of India Ltd
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- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
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- Petron Corporation, Philippines
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- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
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- Parliament of New Zealand
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- Mintek Dendrill Indonesia
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- Indian Energy Exchange, India
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- Larsen & Toubro Limited - India
- White Energy Company Limited
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
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- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
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- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
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- Grasim Industreis Ltd - India
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- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- India Bulls Power Limited - India
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Aditya Birla Group - India
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- The University of Queensland
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- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
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