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BIMCO Issues Guidance on Bunker Contract Amendments in Wake of Expedited OW Bunker Test Case Hearing
Upon news of the expedited final hearing of the so-called Res Cogitans OW Bunker test case, BIMCO Monday issued guidance on bunker contract amendments for those operating within the industry.
The case will be heard on March 22, 2016, but BIMCO says that it is not known how long it will take for a final decision to be reached in the case.
"In the interim period BIMCO recommends to purchasers of marine fuels to incorporate into their bunker supply agreements the words 'The United Kingdom Sale of Goods Act shall apply to this Contract.'"
BIMCO's says its own Standard Bunker Contract (BIMCO Terms 2015), has similarly been amended.
A new Clause 25 (UK Sale of Goods Act) has been added to the BIMCO Terms 2015 incorporating the recommended wording.
BIMCO notes the hearing "will deliver the final English law verdict on whether many hundreds of shipowners should pay OW Bunker's assignee ING Bank or pay the physical suppliers.
"The consequence of this decision is that owners may face the risk of having to pay twice for the bunkers they purchased through OW Bunker. The decision has created much uncertainty in the industry and it is hoped that the Supreme Court will soon provide much needed clarity."
As Ship & Bunker previously reported, BIMCO's Standard Bunker Contract, the BIMCO Terms 2015, was made available to the industry at the end of 2014.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 548.00 | 0.50 | 677.50 | 2.00 |
| Rotterdam | 513.00 | 0.50 | 649.00 | 3.00 |
| Houston | 544.50 | 2.50 | 675.00 | 4.00 |
| Fujairah | 541.50 | 2.50 | 744.00 | 3.50 |
| Global 20 Ports Average | 572.00 | 2.50 | 758.00 | 2.50 |
| Global 4 Ports Average | 536.50 | 1.50 | 686.50 | 3.00 |
| Global Average Bunker Price | 624.00 | 2.50 | 801.00 | 3.50 |
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