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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, 12 October 15
BDI WEIGHED DOWN BY CAPE
COALspot.com: The BDI (Baltic Dry Index) has come back down again this week. The BDI is a benchmark index used to assess the overall cost of moving ...
Sunday, 11 October 15
TANKER SHIPPING: MORE OPTIMISM IN SIGHT FOR TANKERS IN THE WINTER SEASON - BIMCO
Demand:
2015 has been the year of the tanker. The fundamental improvements with slow supply-side growth for some years coupled with low oil pri ...
Friday, 09 October 15
US WEEKLY COAL OUTPUT UP 1.2 PERCENT TO 17.7 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.7 million shor ...
Thursday, 08 October 15
CAPESIZE: MOST PEOPLE AGREE A SPIKE IN RATES WILL HAPPEN; WHEN, HOW LONG AND HOW SUBSTANTIAL? - FEARNLEYS
Cape
Depressives start of the fourth quarter, with c3 approaching USD 12 pmt and c5 presently in the mind 5's. According to Fearnleys ship br ...
Wednesday, 07 October 15
U.S. COAL EXPORTS FOR THE FIRST SEVEN MONTHS DOWN 21 PER CENT COMPARED WITH THE SAME PERIOD IN 2014 - EIA
Coal Supply
Lower U.S.’s domestic coal consumption and reduced exports contribute to a forecast decline of 89 million short tons (M ...
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- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
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- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
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- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- White Energy Company Limited
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
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