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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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Wednesday, 07 October 15
SHIPPING MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2015 and more specifically during the summer season has been rather remarkable. 421 v ...
Wednesday, 07 October 15
INDONESIA COAL SWAPS HAVE CONTINUED TO DECLINE, FALLING ALMOST 7% M-M
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 2.23 (-5.51%) per t ...
Tuesday, 06 October 15
THE IMPACT OF LOW OIL PRICE ON THE SHIPPING INDUSTRY - LITERATED
The fall in global oil prices over the last one year has been beneficial to the shipping industry. The demand for oil tankers has picked up and the ...
Tuesday, 06 October 15
FOB RICHARDS BAY COAL SWAPS PLUNGE MORE THAN 6 PER CENT M-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 declined week over week and month over month.
The Q4 swap was down US$ ...
Monday, 05 October 15
Q1 & Q2 2016 DELIVERY SWAPS DECLINED M-M AND W-W THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $0.36 per ton (0.85%) month over month to US$ 42.12 per ton. The ...
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- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
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