The high failure rate expected for future supercomputers requires the design of new fault tolerant solutions. Most checkpointing protocols are designed to work with any message-passing application but suffer from scalability issues at extreme scale. We take a different approach: We identify a property common to many HPC applications, namely channel-determinism, and introduce a new partial order relation, called always-happens-before relation, between events of such applications. Leveraging these two concepts, we design a protocol that combines an unprecedented set of features. Our protocol called SPBC combines in a hierarchical way coordinated checkpointing and message logging. It is the first protocol that provides failure containment without logging any information reliably apart from process checkpoints, and this, without penalizing recovery performance. Experiments run with a representative set of HPC workloads demonstrate a good performance of our protocol during both, failure-free execution and recovery.