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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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Friday, 10 June 16
INDONESIAN 6322 GAR COAL PRICE REFERENCE RISES TO $51.81 A TON
COALspot.com: The Indonesia Coal Benchmark Price increased in June 2016.
The Director General of Mineral and Coal of Indonesia, the regulator ...
Friday, 10 June 16
WEEKLY U.S. COAL PRODUCTION TOTALED AN ESTIMATED 12 MMST IN THE WEEK ENDED JUNE 4, UP 4% W/W - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 12 million short tons (mmst ...
Wednesday, 08 June 16
BPI ACHIEVES FINANCIAL CLOSE FOR ITS 2000 MW POWER PROJECT IN CENTRAL JAVA
COALspot.com: PT Bhimasena Power Indonesia (BPI) on June 6th, 2016 Achieves financial close for its 2x1,000 MW power project in Batang Regency, Cen ...
Wednesday, 08 June 16
U.S COAL IMPORTS ARE PROJECTED TO BE 12 MMST IN 2016 AND 11 MMST IN 2017 - EIA
Coal Supply
U.S. coal production in May was 50 million short tons (MMst), a 4 MMst (10%) increase from the previous month but 19 MMst (28%) lower ...
Wednesday, 08 June 16
THE DRY BULK MARKET KEPT MOVING SIDEWAYS LAST WEEK; SECOND HAND PURCHASES MOVING NORTH - INTERMODAL
Once again its Posidonia time and the biannual exhibition takes place during a very warm June here in Athens, as if the performance of the dry bulk ...
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- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- White Energy Company Limited
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- The University of Queensland
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- PTC India Limited - India
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Australian Coal Association
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
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