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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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Sunday, 18 October 15
THE BDI AND OTHER INDICES CLOSED OFF ON NEGATIVE NOTE THIS FRIDAY
COALspot.com: The BDI closed off on negative note this Friday compared to previous Friday's closing.
The BDI closed this Friday (16 Octobe ...
Friday, 16 October 15
FOB INDONESIA COAL SWAP FOR Q4'15 DELIVERY FLAT WEEK OVER WEEK; DOWN 5.5 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and flat week over week.
The Q4 swap declined $ 2.23 (-5.51%) ...
Friday, 16 October 15
COAL PRODUCTION IN THE UNITED STATES DECREASED THIS WEEK; DOWN 11.3 PER CENT Y-Y, DOWN 3.5 PERCENT W-W
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.1 million shor ...
Friday, 16 October 15
INDONESIA REJOINING OPEC DESPITE BEING A NET IMPORTER OF PETROLEUM - EIA
The Organization of the Petroleum Exporting Countries (OPEC) notified Indonesia that it plans to accept the country's request to reactivate its ...
Thursday, 15 October 15
INDONESIA COAL PRICE REFERENCE FALLS FOR SEVEN STRAIGHT MONTH IN OCTOBER
COALspot.com - The Director General of Mineral and Coal of Indonesia once a again revised down Indonesian coal benchmark price this month.
The ...
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- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- The University of Queensland
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- White Energy Company Limited
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
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