The fall in bunker prices reduce fuel costs significantly
21 November 2014For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs will be reduced by as much as USD 1 million a year if current price levels stay put.
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For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs will be reduced by as much as USD 1 million a year if current price levels stay put.
In October 2009 BIMCO initiated a project to develop a suite of standard bunker clauses for use in time charter parties. The rationale behind developing the suite is simply to address the ever increasing importance of bunker issues in time charter parties and the need to ensure that the risk of bunker disputes is minimised by clearly worded clauses that reflect legislative developments. The Suite of Clauses was adopted by BIMCO’s Documentary Committee at its meeting in Vancouver in June 2011. The Suite provides clauses covering matters relating to delivery/redelivery bunkers; bunkering operations; sampling; fuel testing programmes; and ECA trading, all of which are matters that are frequently absent from or insufficient in many standard time charter parties. Many older time charter forms contain bunker clauses covering the fundamental principles under the charter, but simply do not contemplate today’s situation where vessels are required to carry and use several grades of fuel and where sampling and testing regimes are an integral part of the process.
Technical and regulatory aspects of the 2020 global fuel sulphur limit are major concerns to the industry ahead of 1 January 2020. The course focuses on all aspects including bunker clauses.
Technical and regulatory aspects of the 2020 global fuel sulphur limit are major concerns to the industry ahead of 1 January 2020. The course focuses on all aspects including bunker clauses.
Latest version of this clause is the 2020 Marine Fuel Sulphur Content Clause for Time Charter Parties .
Technical and regulatory aspects of the 2020 global fuel sulphur limit are major concerns to the industry ahead of 1 January 2020. The course focuses on all aspects including bunker clauses.
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