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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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- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- The University of Queensland
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Australian Coal Association
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
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