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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, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the begi ...
Tuesday, 28 June 16
WEEKLY CS COAL INDICES ROSE ON RENEWED DEMAND FROM CHINA
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.66 percent week over week to averaging $39.65 per ton this past week, sh ...
Tuesday, 28 June 16
CHINA'S IRON ORE IMPORTS: HOW MUCH MORE WORK FOR CAPES? - CLARKSONS
Chinese iron ore imports account for around two thirds of global seaborne iron ore shipments, making it the key driver of Capesize employment. Whil ...
Monday, 27 June 16
BREXIT RESULT COULD SEE UK FACING AN EXODUS OF MARITIME TALENT - FASTSTREAM
The UK’s decision to leave the EU has the potential to drive many of its maritime employees away, according to the results of a survey issued ...
Monday, 27 June 16
THE BDI UP 3.75 PERCENT ; BCI FELL 1.51% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.75 percent from las ...
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- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Planning Commission, India
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
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