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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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Tuesday, 14 June 16
CS COAL INDICES ROSE UP FOR A THIRD STRAIGHT WEEK; 4200 GAR COAL UP 0.73%
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.54 percent week over week to averaging $39.37 per ton this past week, shows ...
Monday, 13 June 16
DEMAND FOR DRY BULK COMMODITIES COULD PROVIDE FUTURE BOOST FOR SHIP OWNERS - HELLENIC SHIPPING NEWS
When it comes to the dry bulk market, shipowners these days are looking for news in any shape or form they can find them. However, as the discussio ...
Monday, 13 June 16
ONSHORE SHALE: WORTH KEEPING IN THE SHIPPING SPOTLIGHT CLARKSONS
Generally, shipping industry watchers spend much of their time monitoring events out to sea: how fleets are evolving, trade volumes growing and fre ...
Monday, 13 June 16
PORT OF NEWCASTLE SHIPPED 5.03% MORE COAL IN MAY; AVERAGE SELLING PRICE DECLINED 2.08% FROM APRIL
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.162bill ...
Monday, 13 June 16
BALTIC INDEX FLAT, INDEX FOR CAPE RISE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities flat this past week. The freight market was almost same l ...
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- Mintek Dendrill Indonesia
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- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
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- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
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- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
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- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Planning Commission, India
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
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