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Friday, 28 November 14
NEW BIMCO CLAUSE AIMS TO REDUCE SUPPLIERS' RELIANCE ON SHIP ARREST FOR CHARTERERS' UNPAID BUNKERS
 KNOWLEDGE TO ELEVATE
Ship owners can, on occasion, find themselves in the invidious position of suffering unexpected loss of hire due to a time charterers’ bankruptcy which is then later compounded by the arrest of their vessel by suppliers because the charterers have failed to pay for bunkers. A bunker supplier’s ability to arrest a vessel stems from a right of lien or retention over the bunkers that can be enforced in some, but not all jurisdictions, even though the owners are not a party to the bunker supply contract. The Bunker Non-Lien Clause is an attempt to introduce a step-change into this process by requiring time charterers to put their bunker suppliers on notice, prior to agreeing any bunker supply, that the bunkers will be bought solely on the charterers’ account.
According to Grant Hunter, Chief Officer of Legal and Contractual Affairs at BIMCO, “It is quite common in the industry for Masters to stamp bunker deliver notes with a statement that the bunkers have been purchased by the charterers and that there is no lien against the vessel. Unfortunately, once the delivery of fuel has taken place, this sort of notice is generally ineffective. The bunker suppliers need to be placed on notice before-hand and this is the practice that the Bunker Non-Lien Clause introduces. The Clause acts as a useful safety-net for owners when concluding a time charter in that solid charterers should have no problem agreeing to such a clause because they will of course pay for the bunkers they order. However, if the financial standing of a charter is in doubt, then they may be more reluctant to accept the responsibilities and liabilities imposed by the clause and this should create a warning flag to owners. Ultimately, if a charterer fails to comply with this clause, a Master has the right to refuse to take delivery of the bunkers – so it is a provision with some teeth”.
The Bunker Non-Lien Clause for Time Charter Parties is now available to download from the clauses section of the BIMCO website and to users of IDEA2. A Special Circular has been issued to members which contains a copy of the clause and explanatory notes setting out the background to the clause.
Source: BIMCO / Hellenic Shipping
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Wednesday, 03 December 14
PROGRESSING SMELTER PROJECTS IN INDONESIA
Press Release: Indonesia’s ban on ‘raw mineral export’ that was designed to encouraging downstream investment in mineral processi ...
Wednesday, 03 December 14
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The dry bulk market seems unable to turn sentiment round and is still looking for direction. The BCI's 887-point free fall last week had an obv ...
Wednesday, 03 December 14
CAPESIZE DRY BULK CARRIERS ENTER 2015 WITH MIXED FORTUNES, WITH A POSITIVE AND A NEGATIVE SCENARIO BOTH EMERGING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The future of the Capesize dry bulk market appears to be engulfed from mixed “feelings” among analysts and market participants, despite ...
Tuesday, 02 December 14
KEY PLAYERS SHED NEW PERSPECTIVES ON COAL MARKETS
Press Release: Singapore’s ONLY and longest established Coal Trade event. Whilst Coal prices remain challenging, there is widespread consensu ...
Tuesday, 02 December 14
KOMIPO INVITES BIDS FOR 585,000 METRIC TONS OF COAL FOR Q1'15
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids for the supply of 585,000 Metric Tons of coal. According to invitation, 5700 ...
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- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Parliament of New Zealand
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
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