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IBIA: BIMCO Bunker Terms 2018 ‘major step in the right direction’

Welcomes member feedback regarding new BIMCO Bunker Terms for better industry alignment.

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The following article is a statement from the International Bunker Industry Association:

IBIA has reviewed the BIMCO Bunker Terms 2018 and some of our members have participated in the redrafting of the document. The revised BIMCO Standard Bunker Terms and Conditions, which replace the 2015 edition, were approved by BIMCO’s Documentary Committee on 2 May.

BIMCO’s new Bunker Terms were developed by a cross-industry group which included a number of bunker trader representatives whose companies together apparently account for 25% of the total bunker volume sold globally. “I think it is a positive step for the industry that representatives for the bunker traders and shipowners have agreed on a standard set of terms, which both parties consider fair and balanced,” says Francis Sarre, Chair of the BIMCO Documentary Committee.

In a press release, BIMCO highlighted the introduction of a maximum limit of the parties’ liabilities as a key change that it believes will lead to wider adoption of the contract. The default limit is the invoice value, but not less than USD 500,000.

The previous BIMCO Bunker Terms edition had unlimited liability, which has been one of the main reasons why suppliers have been reluctant to use it to a larger extent, according to Henrik Zederkof, Senior Director of Bunker Holding Group and an IBIA board member.

Zederkof, who took part in the redrafting of the BIMCO bunker terms, says the 2018 revision has addressed some of the main concerns about the 2015 edition and sees it as a positive step towards a more professional industry.

“I believe the introduction of the 1-page election sheet, which allows for customisation of provisions in the BIMCO Bunker Terms, is both a very good and flexible solution,” Zederkof notes. The election sheet allows the parties to specify certain aspects including legal jurisdiction, time limits for claims, and the labiality limit.

BIMCO’s Sarre hopes that the changes will lead to a wide adoption of the standard terms across the industry, which “should save time on drafting contracts and get greater clarity on the contractual obligations and liabilities in the contract. This will hopefully bring more transparency to the bunker industry.”

IBIA’s Chief Executive Officer, Justin Murphy, observes: “IBIA members span the entire industry value chain including suppliers, traders, brokers, ship owners/operators and bunker buyers. IBIA is supportive of BIMCO’s initiative to develop more balanced Terms and Conditions from the perspective of both buyers and sellers of bunker fuels.”

The terms and conditions offered by the revised BIMCO document are “a major step in the right direction” says Zederkof, who predicts this will lead to a much higher use of the BIMCO Bunker Terms 2018 than the previous edition.

IBIA welcomes efforts to achieve better alignment in the industry to improve efficiency, transparency and compliance across the board, and as such we would like feedback from our members regarding the new BIMCO Bunker Terms on how to support these efforts.

Related: Clyde & Co explains BIMCO’s Bunker Terms 2018 contract
Related: BIMCO introduces updated, approved bunker contract

Photo credit: Manifold Times
Published: 15 May, 2018

 

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Winding up

Singapore: Director of Teras Lyza declares firm’s inability to continue business due to liabilities

Ramalingam S/O Ramalingam, director of Teras Lyza Pte Ltd, made and lodged with the Official Receiver a statutory declaration stating the firm cannot by reason of its liabilities continue its business.

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Barges, tugboats and bumboats operators and charterers Teras Lyza Pte Ltd director, Mr. Ramalingam S/O Ramalingam @ Kamal Deen Bin Abdullah, on Friday (16 February) made and lodged with the Official Receiver a statutory declaration, according to notices published on the Government Gazette on 26 February.

The statutory declaration by the director stated that:

  1. I am a director of the abovenamed company;
  2. The abovenamed company cannot by reason of its liabilities continue its business; and
  3. The meetings of the abovenamed company and of its creditors have been summoned for the 8th day of March 2024, being a date within one month of the date of this Statutory Declaration.

In another notice, Messrs. Ng Kian Kiat and Goh Wee Teck care of 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 have been appointed as joint and several Provisional Liquidators of the company on the 16 February.

In a third notice, a meeting of the creditors of the company will be held at 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 through an audio-visual conference on the 8 March 2024 at 2.30 pm for the purposes of:

  • receiving a statement of the Company’s affairs together with a list of creditors and the estimated amounts of their claims; 
  • appointing liquidators; 
  • appointing a committee of inspection of not more than 5 members, if thought fit; and 
  • any other business.

 

Photo credit: Benjamin child
Published: 27 February, 2024

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Sanctions

Russia’s largest shipping company Sovcomflot sanctioned by U.S. Treasury

In addition to designating Sovcomflot, OFAC is identifying 14 crude oil tankers as property in which Sovcomflot has an interest.

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The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Friday (23 February) placed Russia’s state-owned shipping company and fleet operator targeting Joint Stock Company Sovcomflot (Sovcomflot) under sanctions.

The development was to responsibly reduce Russia’s revenue from oil sales.

In addition to designating Sovcomflot, OFAC is identifying 14 crude oil tankers as property in which Sovcomflot has an interest.

“The price cap on Russian oil continues to serve its twin goals of limiting Kremlin profits while promoting stable energy markets,” said Deputy Secretary of the Treasury Wally Adeyemo.

“Today, we take the next step by targeting Russia’s largest state-owned shipping company and fleet operator, dealing a huge blow to their shadow operations. We are entering the next phase of increasing Russia’s costs in a responsible manner to mitigate risks.”

Concurrent with the designation of Sovcomflot, OFAC is also issuing a general license authorizing the offloading of crude oil (or other cargo) from these 14 vessels for a period of 45 days.

These vessels, all of which are beneficially owned by Sovcomflot, are:

  1. ANATOLY KOLODKIN (IMO 9610808)
  2. NS ANTARCTIC (IMO 9413559)
  3. NS LION (IMO 9339313)
  4. NS CONSUL (IMO 9341093)
  5. NS BURGAS (IMO 9411020)
  6. NS CAPTAIN (IMO 9341067)
  7. NS COLUMBUS (IMO 9312884)
  8. SAKHALIN ISLAND (IMO 9249128)
  9. NEVSKIY PROSPECT (IMO 9256054)
  10. GEORGY MASLOV (IMO 9610793)
  11. LITEYNY PROSPECT (IMO 9256078)
  12. KRYMSK (IMO 9270529)
  13. NS CREATION (IMO 9312896)
  14. NS BRAVO (IMO 9412359)

In addition, OFAC is issuing a general license authorizing transactions with all other Sovcomflot-owned vessels for the similar 45-day period.

Sovcomflot has also been sanctioned by Australia, Canada, New Zealand, and the United Kingdom (UK) and is under certain European Union (EU) restrictions.

 

Photo credit: tommao wang on Unsplash
Published: 27 February 2024

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Crime

Vietnam: Two ships seized over 170,000 litres of unknown origin diesel oil

Vietnam Coast Guard said vessels were transporting various quantities of oil cargo: KG-91487- DR was transporting about 145,000 litres and KG-91602-TS transported about 25,000 litres.

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Vietnam: Two ships seized over 170,000 litres of unknown origin diesel oil

The Vietnam Coast Guard on Tuesday (20 February) said it seized a total of about 170,000 litres of unknown origin diesel oil in an operation. 

Patrol boats belonging to Coast Guard Region 4 Command detected two fishing boats – KG-91487- DR and KG-91602-TS – displaying several suspicious signs.

Initial investigations found all vessels without invoices and documents proving legal origin of the oil material.

The vessels were transporting various quantities of oil material: KG-91487- DR was transporting about 145,000 litres and KG-91602-TS transported about 25,000 litres.

The authorities made records of administrative violations,and escorted the vessels to Fleet Port 422 in Phú Quốc city, Kiên Giang province for further investigations and handling in accordance with the law.

 

Photo credit: Vietnam Coast Guard
Published: 23 February, 2024

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