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Wednesday, 26 October 22
BIMCO PUBLISHES UPDATED GENCON CONTRACT
 BIMCO has published a revised and updated version GENCON 2022 – one of its flagship contracts within its portfolio of standard contracts for the maritime industry. The revisions reflect significant changes in the regulatory landscape since the contract was last updated.
In response to changes within the areas of regulation and safety, BIMCO has updated GENCON 1994 to reflect the commercial and legal requirements in today’s shipping practices. The voyage charter party, used in dry bulk trade, was last updated in 1994 and the new version addresses all terms and conditions that the commercial parties need to incorporate by means of rider clauses. This will help companies that may not have an internal legal department to turn to for assistance.
The drafting group engaged in the development of GENCON 2022 consisted of representatives from both the chartering and shipowning sector to assure the new version strikes the right balance with regards to the rights and obligations of both parties.
“When we sit down and start the process of drafting standard contracts and clauses for the maritime industry, our focus is on striking the right balance between the parties involved. This is regardless of which contract or clause is on the drawing table. The drafting of GENCON 2022 reflects this,” says Søren Larsen, BIMCO Deputy Secretary General.
Focus has also been on the importance of producing a clearly worded contract that leaves little room for disputes on matters of interpretation.
“I have been active in dry bulk shipping all my working life and have seen how important it can be to get the wording just right,” says John Weale, Chairman of the drafting sub-committee. “There is no perfect charter party, but I do believe that GENCON 2022 will go a long way towards meeting the needs of today’s industry and avoiding disputes.”
The 2022 update will mark 100 years since GENCON was first launched by BIMCO, as the first edition was published in 1922.
Source: BIMCO
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Monday, 19 September 22
BUMA AUSTRALIA AWARDED A$400 MILLION CONTRACT EXTENSION BY BMA FOR GOONYELLA PROJECT
Press Release – PT Delta Dunia Makmur Tbk. (the "Company") announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA ...
Saturday, 17 September 22
CHINA WARNS COAL COMPANIES AGAINST DUAL CONTRACTS, KEEP PRICES STABLE - REUTERS
China’s state economic planner warned coal companies operating at ports in the Bohai Bay region to comply with their long-term contracts to k ...
Saturday, 17 September 22
IS A GLOBAL RECESSION IMMINENT? - WORLD BANK
Since the beginning of the year, a rapid deterioration of growth prospects coupled with rising inflation and tightening financing conditions, has i ...
Saturday, 17 September 22
FITCH RATINGS REVISES GLOBAL METALS & MINING PRICE ASSUMPTIONS
Fitch Ratings has revised its metals and mining price assumptions reflecting evolving economic growth expectations and demand and supply dynamics.
...
Friday, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
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- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- The University of Queensland
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
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