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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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Monday, 11 July 16
THE MAIN SEA FREIGHT INDEX, BDI ROSE FURTHER ON 8 JULY DUE TO STRONG DEMAND FOR PANAMAX SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.84 percent from las ...
Monday, 11 July 16
DRY BULK MARKET: UP TO 30 MILLION DWT OF OLDER BULKERS WILL NEED TO BE SCRAPPED BY END OF 2017 FOR MARKET TO FIND BALANCE
Tonnage oversupply in the dry bulk market is more than evident, as newbuildings have been hitting the water faster than owners can scrap their olde ...
Friday, 08 July 16
U.S. WEEKLY COAL OUTPUT UP 3% TO 14.1 MMST - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 14.1 million short tons (mms ...
Thursday, 07 July 16
PANAMAX : THE TENDENCY FROM LAST WEEK CONTINUES WITH A CONSIDERABLY STRONGER SENTIMENT ALL ACROSS THE BLOCK - FEARNLEYS
Capesize
Rates have been holding at steady levels over the last weeks but towards end of this period they are becoming under more pressure as gen ...
Thursday, 07 July 16
CONSOLIDATION TO RULE OVER SHIPPING, AS EXECUTIVES SEEK INVESTMENT OPPORTUNITIES IN CHINA, INDIA AND EUROPE SAYS NORTON ROSE SURVEY
The transport sector is looking to Asia Pacific as the key market for investment over the next five years, according to the seventh The way ahead T ...
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- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- PTC India Limited - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
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