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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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Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
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APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
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- Tamil Nadu electricity Board
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- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
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- Economic Council, Georgia
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- Billiton Holdings Pty Ltd - Australia
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- Indogreen Group - Indonesia
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- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Planning Commission, India
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- Meenaskhi Energy Private Limited - India
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- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
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- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
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- Vedanta Resources Plc - India
- Deloitte Consulting - India
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- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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- Carbofer General Trading SA - India
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- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
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- White Energy Company Limited
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- Sical Logistics Limited - India
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- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
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- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
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