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