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Monday, 27 June 16
LATEST NEWS ON BIMCO'S CONTRACTS AND CLAUSES
 BIMCO is currently updating several of its most widely used charter parties including SUPPLYTIME and BARECON. New developments include the Standard Term Sheet and two marine services agreements – one for use in dismantling of offshore oil and gas structures, and the other for spill response equipment and personnel.
Novation Agreements
BIMCO has just published a set of standard novation agreements. They provide a legal framework to change one of the original parties to a contract. Two of the agreements are for a change of charterer/owner. The third covers a change of buyer under a shipbuilding contract.
SUPPLYTIME
The widely used SUPPLYTIME 2005 time charter for offshore service vessels is being updated. A team of industry experts representing owners and charterers has been working on a new edition for the past 12 months. The main focus has been on modernisation and adding greater clarity to the contract, rather than a radical overhaul of its terms and conditions. To reflect changes in commercial practice and legal developments over the past 10 years, the updated edition will feature a number of new clauses that are commonly added as riders.
The drafting team, headed by Ian Perrott, former CEO of Hamburg based ER Offshore, has just completed a first full review of the contract. Later this year, draft copies of the updated SUPPLYTIME will be circulated to a selected industry “sounding board” for feedback and input. The target completion date for the project is May 2017.
BARECON
When it comes to bareboat chartering a ship, the natural choice of contract is BIMCO’s BARECON – which is very much the industry standard agreement for this activity. BARECON was last updated in 2001.
Work on a new edition began earlier this year. The focus so far has been on delivery and redelivery aspects – particularly the condition of the ship and survey and inspection rights.
The drafting team, headed by Captain Ajay Hazari, Director at Anglo Eastern Ship Management in Hong Kong, will also look in detail at the insurance provisions of BARECON.
A first draft of the updated bareboat charter will be shown to BIMCO’s Documentary Committee in November.
WORLDFOOD
The World Food Programme is a UN humanitarian organization with a mandate to fight hunger globally. It buys food and charters ships to send aid to where it is needed. Transport by sea is the main method used for food aid cargoes. The WORLDFOOD charter party, originally developed together with BIMCO in 1986, is used exclusively by the World Food Programme.
The charter party was last updated in 1999. The World Food Programme recently asked BIMCO to help update and modernise the agreement. The Agency requires shipowners to accept a high degree of flexibility to change ports at short notice because of the often volatile areas in which they operate. In this respect the WORLDFOOD charter differs from other standard voyage charters.
The main focus of the update will be to add new editions of some of the older standard clauses found in the charter party – such as War Risks and Law and Arbitration. New clauses will cover issues such as piracy and compliance with the MLC Convention.
The drafting team, headed by Jean-Pierre Laffaye of Louis Dreyfus Armateurs will continue working with World Food Programme representatives to update the charter party. The next meeting will be held in Paris in October.
Standard Term Sheet
BIMCO’s draft Standard Term Sheet has just been positively reviewed by an industry “sounding board” composed of representatives from shipowners, banks, lawyers and other people interested in the term sheet project.
The drafting team will look at all the comments from the “sounding board” at their next meeting at the end of. The outcome of these consultations, together with a revised draft, will be presented to the Documentary Committee at its next meeting in November.
Source: BIMCO
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Wednesday, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity a ...
Tuesday, 19 July 16
INDONESIAN THERMAL COAL INDEXES CONTINUALLY FIRM UP ON ROBUST BUYING INTEREST - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose One percent week over week to averaging $40.38 per ton this past week, shows CS ...
Monday, 18 July 16
FROM PIT TO PORT: DRY BULK NEEDS A NEW PATH TO PROFITABILITY - TOC EUROPE
During the golden years for commodities, from 2005 to 2014, high demand and big profit margins pushed companies to produce more and more, sacrifici ...
Monday, 18 July 16
BALTIC DRY INDEX REMAIN FIRM, UP BY 5.97 WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to remain firm with all segments ending in posi ...
Friday, 15 July 16
US COAL PRODUCTION DOWN 8.4% WEEK-OVER-WEEK
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 12.9 million short tons (mms ...
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- Marubeni Corporation - India
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- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
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- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
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- Romanian Commodities Exchange
- Latin American Coal - Colombia
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- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
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- Bulk Trading Sa - Switzerland
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- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
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- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
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- Meralco Power Generation, Philippines
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- Directorate General of MIneral and Coal - Indonesia
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- Australian Commodity Traders Exchange
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- MS Steel International - UAE
- Independent Power Producers Association of India
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- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- CNBM International Corporation - China
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- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
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- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
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- Antam Resourcindo - Indonesia
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- Star Paper Mills Limited - India
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- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
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- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
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- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Bangladesh Power Developement Board
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