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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, 27 June 16
INDONESIA BANS (AGAIN) SHIPS SAILING TO THE PHILIPPINES FROM INDONESIA
COALspot.com: The Indonesian Transport Ministry strictly prohibited harbour masters issuing permits to all Indonesian-flagged vessels bound for the ...
Friday, 24 June 16
U.S WEEKLY COAL PRODUCTION UP MARGINALLY
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.4 million short tons ...
Wednesday, 22 June 16
SMALL RISE IN SHIPPING CONFIDENCE - MOORE STEPHENS
In May 2016, the average confidence level expressed by respondents in the markets in which they operate was 5.1 on a scale of 1 (low) to 10 (high). ...
Wednesday, 22 June 16
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
Stagnation- With the BDI stuck in the low 600 points for almost a month now, if we had to choose a word to describe the state of the Dry Bulk freig ...
Monday, 20 June 16
CS COAL INDICES CONTINUE UPWARD TREND SINCE END APRIL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up again by 0.05 percent week over week to averaging $39.39 per ton this past we ...
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- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- The University of Queensland
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
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