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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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Tuesday, 02 December 14
U.S WEEKLY COAL PRODUCTION FELL 1.4% WEEK ON WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.6 million short tons (mmst) o ...
Tuesday, 02 December 14
FOB RICHARDS BAY COAL SWAPS LOST MONTH OVER MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month, week on week and day over day.
The Q1 swap has lost U ...
Tuesday, 02 December 14
SUB-BIT FOB INDONESIA COAL Q1' 15 DELIVERY SWAP CLOSED AT US$ 49.50
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 0.4 ...
Monday, 01 December 14
SGX'S FOB NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 52.50
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.50 on 28 November after losing US$ 1.20 (-2.23%) month ove ...
Monday, 01 December 14
Q2' 15 DELIVERY CFR SOUTH CHINA COAL SWAP CLOSED 0.42% LOWER THAN Q1' 15 DELIVERY CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 2.45 (-3.78%) month over month and US$ 0.67 (-1.06%) we ...
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- Tata Chemicals Ltd - India
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- Commonwealth Bank - Australia
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- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
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- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- London Commodity Brokers - England
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- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
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- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Latin American Coal - Colombia
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
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- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
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- Australian Coal Association
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