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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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Thursday, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
Tuesday, 26 April 22
CHINA'S APPETITE FOR BAUXITE HITS NEW RECORD AS Q1 IMPORTS JUMP 15.4% Y/Y - BIMCO
Bauxite shipments arriving in China hit new record levels in the first quarter of 2022 and grew at an average annual rate of 12.8% between 2017 and ...
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- Sical Logistics Limited - India
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
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- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
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- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
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- Eastern Energy - Thailand
- Central Java Power - Indonesia
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- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
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- Videocon Industries ltd - India
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- Wilmar Investment Holdings
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- Malabar Cements Ltd - India
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- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
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- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
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- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
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- Intertek Mineral Services - Indonesia
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- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
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- Australian Coal Association
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- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
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- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
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- Parliament of New Zealand
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- Parry Sugars Refinery, India
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