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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, 04 July 16
BDI ROSE ON STRONGER DEMAND ACROSS ALL VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 11.16 percent from la ...
Friday, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is stil ...
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- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
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- Bhatia International Limited - India
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
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- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
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- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
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