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Thursday, 06 February 14
INDONESIA'S BAN ON THE EXPORT OF RAW MINERAL ORES COMES INTO FORCE - INCE & CO
 COALspot.com: On 12 January 2014, the ban on the export of unprocessed mineral ores came into effect in Indonesia. This ban enforces the Mining Law passed five years ago in 2009, which mandates that mineral ores for export must be processed in-country from 12 January 2014.
It appears, however, that not all minerals are treated equally: it is reported that the law allows for different minimum processing requirements for different minerals before they can be exported.
Bauxite, nickel, tin, chromium, gold and silver are required to be fully processed or refined before export. Mineral ores that can be exported semi-processed or with only purification include copper, iron, lead and zinc.
The new law also seeks to regulate the export of minerals through a progressive tax. Higher export taxes will be imposed on minerals having lower levels of purification or processing, in order to encourage processing to be carried out in Indonesia rather than overseas.
It has also been reported that some 60-odd companies in Indonesia will still be allowed to continue to export unprocessed mineral ores.
However, until more details emerge or the regulation implementing the ban is publicly available, the exact parameters (for instance, the minimum level of purity required of each mineral before it can be exported) and impact of the ban, is uncertain.
Enforcement of the ban is another issue, considering the fact that it has been reported that Indonesia does not currently have the ability to process the mineral ores to the requisite purity levels for export. In context with the impact of the ban on Indonesia’s economy, this may mean that the ban is not ultimately as widely enforced as currently anticipated.
What this means for traders
This ban is likely to have an impact on trade contracts. In particular, traders will have to consider whether the Indonesian government’s new export restrictions fall within the provisions of their contracts dealing with force majeure situations. The extent to which traders will decide to utilise force majeure or other similar provisions like material adverse change clauses in their contracts would also depend on the prevailing market level: if traders are making a loss, they might be more likely to invoke such provisions to cancel their contracts or to excuse or suspend performance of their obligations under the contract.
Traders could also face shipment delays on liftings in Indonesia due to uncertainty in the level of processing required for mineral exports.
On the same note, traders (and charterers) may also face more claims from shipowners for demurrage and other costs as a result of vessels being delayed in departing from Indonesian ports. The potential of this increased risk was starkly illustrated by recent reports that a number of Chinese bulkers which had completed loading were detained at Indonesian ports in the lead up to the ban. We understand that these ships have since been allowed to depart. (Originally published on 22 January 2014)
By: John Simpson (Mr) & Maureen Poh (Ms)
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About Mr John Simpson:
John specialises in the handling of litigation, arbitration and alternative dispute resolution for his clients. John has experience of English litigation and of arbitration in London and Singapore, almost always relating to cross border disputes.
John is experienced in litigation in London and in arbitration under the rules of various arbitration bodies, including the SIAC, the ICC and the LCIA. John joined Ince & Co London in 1999, moving to Ince & Co Singapore in 2007. John has been a partner of Ince & Co since 2010.
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About Ms Maureen Poh
Maureen joined Ince & Co Singapore in 2013, having previously worked in Ince & Co's Shanghai office since 2011 . Her main areas of practice are dry shipping, and international trade and commodities.
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About Ince & Co
Ince & Co an international commercial law firm with offices in Beijing, Dubai, Hamburg, Hong Kong, Le Havre, London, Monaco, Paris, Piraeus, Shanghai and Singapore.
Ince & Co clients are range from major international corporations to smaller companies, sole traders and private individuals. Ince & Co practises English, French, German, Greek, Hong Kong and PRC law. http://www.incelaw.com
Views and opinions / conclusion expressed herein are personal views of the authors and not that of COALspot.com.
If you believe an article violates your rights or the rights of others, please contact us.
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Tuesday, 25 February 14
SGX'S MONTHLY VOLUMES DRASTICALLY INCREASED AND REACHED A RECORD OF 810K TONNES YEAR-ON-YEAR
COALspot.com: SGX Thermal Coal derivatives started the new year with record volumes in January on the back of higher volatility, says SGX.
Accord ...
Monday, 24 February 14
DRY BULK MARKET TO IMPROVE OVER THE COURSE OF 2014, BUT OVERSUPPLY STILL AN ISSUE SAYS BIMCO'S CHIEF SHIPPING ANALYST
As a gruelling first quarter edges closer to the end, dry bulk ship owners are looking at an improved second quarter demand, which, coupled with slo ...
Monday, 24 February 14
INDONESIAN SUB-BITUMINOUS COAL SWAP FOR DELIVERY APRIL - JUNE 2014 SLIDES TO $ 58.60 PMT
COALspot.com – Indonesia, the world’s the largest exporter of the thermal coal's swaps for delivery April - June 2014 slide week ended ...
Monday, 24 February 14
Q1 2015 DELIVERY COAL SWAP CLOSED AT 2.62% HIGHER THAN Q2 2014 CLOSING SWAPS
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 2.68 percent month on month and closed at US$ 76.20 per mt as on Fr ...
Saturday, 22 February 14
SHIPPING POISED TO RALLY AFTER SEVERAL WEEKS OF DROP
COALspot.com: The freight market was steady to firm with the dry bulk index up by 6.24 pct closing at 1,175 points week on week and the cape index w ...
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Showing 3836 to 3840 news of total 6871 |
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- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
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