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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, 07 June 16
CS COAL INDEX ROSE FOR SECOND STRAIGHT WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.38 percent week over week to averaging $39.16 per ton this past week, shows ...
Monday, 06 June 16
BDI GAINED ON A STRONGER DEMAND FOR CAPESIZE SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week on a stronger demand for Capesize ves ...
Friday, 03 June 16
DRY BULK VESSEL DELIVERIES COULD BE LESS THAN 50 MILLION DWT IN 2016, AS OWNERS DELAY OR CANCEL NEWBUILDING ORDERS
The dry bulk market has been caught between a rock and a hard place over the course of the past couple of years, as on one hand demand has plunged, ...
Friday, 03 June 16
U.S WEEKLY COAL PRODUCTION SLIDES 1.3% - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.5 million short tons (mm ...
Wednesday, 01 June 16
INDIA'S COAL IMPORTS IN APRIL 2016 DECLINED 15% Y/Y; COAL INDIA INCREASED COAL PRICES BY 6.2%
Coal India has approved raising weighted average coal prices by 6.2 per cent over the current price for both regulated and non-regulated sectors.
...
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- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Australian Coal Association
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Economic Council, Georgia
- VISA Power Limited - India
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- White Energy Company Limited
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
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