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Friday, 16 October 15
MAJOR REVISION OF NYPE TIME CHAPTER PARTY - BIMCO
 Major revision of NYPE time charter party promises to be both balanced and comprehensive
BIMCO has today jointly issued the first revision of the New York Produce Exchange Time Charter (NYPE) since 1993, following three years of intensive discussions between BIMCO, copyright holder the Association of Ship Brokers and Agents (ASBA) and the Singapore Maritime Foundation (SMF).
BIMCO, ASBA and the SMF have consulted with the industry globally during the development of the new edition of NYPE to gather a clear picture of commonly made amendments and rider clauses added by practitioners. Careful account has been taken of the interests of owners and charterers together to create a more balanced agreement than in previous versions of the charter.
Key features of NYPE 2015 include:
- A choice of trip or period charter.
- Optional Not Always Afloat But Safely Aground (NAABSA) provision.
- Choice of cargo readiness at delivery port or first load port.
- Obligation on owners/charterers to restrict further employment immediately prior to delivery/re-delivery that might delay the ship.
- Owners to provide and maintain Certificates of Financial Responsibility for oil pollution as required at the start of the charter period.
- Detailed bunker provisions for period and trip charter options covering quantities and prices; bunkering operations and sampling; quality and liability; fuel testing; and low sulphur fuels.
- Updated and clarified hire payment provisions relating to grace period, suspension and withdrawal consistent with recent legal decisions.
- Detailed and clarified speed and performance clause.
- A broad choice of law and arbitration options – New York/US law; London/English law; Singapore/Singapore or English law; or a free choice agreed by the parties.
Plus, additional clauses dealing with a range of current issues:
- hold cleaning/residue disposal in accordance with MARPOL;
- International Maritime Solid Bulk Cargoes (IMSBC) Code;
- hull fouling;
- electronic bills of lading;
- slow steaming;
- piracy;
- ISM/ISPS Codes;
- ballast water exchange regulations
Søren Larsen, BIMCO’s Deputy Secretary General, said:
“We are delighted that our close cooperation with ASBA and SMF has resulted in the completion of this major project to produce a much improved NYPE that will be of great benefit to the industry.”
Inga Froysa, Chairperson of the BIMCO NYPE revision sub-committee, added:
“Users of the current NYPE form will certainly still recognise and be familiar with the core elements of the time charter party, but they can also expect to see some significant changes and improvements.
“Notably, the contract incorporates many of the rider clauses that are routinely added to the existing NYPE – but we have made sure that any new clauses incorporated into the new NYPE are relevant, balanced and consistent with the other provisions.
“Overall, our aim was to create a modern NYPE with global appeal – and I believe that this has been achieved.”
Nigel Hawkins, Chairman of the ASBA drafting committee, said
“The 1993 NYPE Charter Party was ripe for updating. ASBA is therefore pleased that with our friends at BIMCO and the Singapore Maritime Foundation we have agreed the wording of a NYPE fit for the present day. ASBA hope that the industry will find this new NYPE a clear and logical document, and, that the industry will note some familiar language contained in past NYPE documents.”
Michael Chia, Chairman of the Singapore Maritime Foundation, said
“The revised NYPE is the first international shipping form that is a collective effort spanning the globe involving ASBA, BIMCO and the SMF. With the extensive global industry stakeholder consultation we believe that the end product is a contract that better meets user needs and will see quick acceptance and adoption.”
Source: BIMCO | Hellenic Shipping News
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Tuesday, 03 November 15
API 5 FOB NEWCASTLE COAL SWAPS DECLINE CONTINUES
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery slid $1.84 per ton (4.34%) month over month to US$ 40.54 per ton. The swap ...
Tuesday, 03 November 15
EU OIL MAJORS FACE FURTHER EARNINGS DECLINE IN Q415 - FITCH RATINGS
The sharp drop in major European oil companies' third-quarter profits is likely to be extended in the fourth quarter as refining margins, which ...
Monday, 02 November 15
DESPITE CHALLENGING MARKET CONDITIONS, ADARO LOWERS COSTS, DEBT AND DELIVERS STRONG FREE CASH FLOW
COALspot.com: Despite challenging market conditions, Adaro lowers costs, lowers debt and delivers strong free cash flow.
The Indonesia’s ...
Monday, 02 November 15
CFR SOUTH CHINA COAL SWAPS CLOSED ON A WEAK NOTE
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.81(3.71 %) per ton month over month.
A commodity swap ...
Sunday, 01 November 15
THE FREIGHT MARKET SENTIMENT REMAINS WEAK
This week’s freight market sentiment remains weak compared to last week.
The Baltic Dry Index (BDI), an economic indicator issued daily ...
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- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- PTC India Limited - India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Planning Commission, India
- VISA Power Limited - India
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- The University of Queensland
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Parliament of New Zealand
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
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