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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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Monday, 26 October 15
CFR SOUTH CHINA COAL SWAPS CLOSE DOWN 4.3% AS DEMAND CONCERNS WEIGH
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US$ 1.48 (3.02 %) per ton month over month.
A commodity sw ...
Sunday, 25 October 15
ANOTHER DISAPPOINTING WEEK FOR PANAMAX; INDEX FELL 5.4 PERCENT W-W
COALspot.com: The BDI was slightly up by 2.65 pct closing at 774 points mainly because of Cape index which was up by 10.85 pct closing at 1461 poin ...
Sunday, 25 October 15
DRY BULK SHIP OWNERS ARE LOOKING TO CHINA'S POLICIES FOR CUES ON FUTURE MARKET DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China’s hard or softer landing is a thing which has troubled dry bulk shipping for a couple of years now, as owners have been hit by the coun ...
Friday, 23 October 15
WILL INDIAN DOMESTIC COAL PRICES BE ABLE TO COMPETE IMPORTED COAL PRICES IF THE CURRENT TREND CONTINUES?
COALspot.com: The Most of the Indian end-users are waiting for last minute purchase to enjoy every drop in price. Coal procurement managers are als ...
Friday, 23 October 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING OCTOBER 17 DECLINED FOR THE SECOND STRAIGHT WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.6 million shor ...
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- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- PTC India Limited - India
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
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