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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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Thursday, 09 January 14
THE SHIPPING MARKET IN 2013 AND LOOKING FORWARD GLOBAL ECONOMY: STEADY AS SHE GOES UPWARDS - BIMCO
Over the past year, developed economies have gained traction while developing and emerging economies have suffered from slower growth. Despite key e ...
Wednesday, 08 January 14
DRY BULK MARKET PROSPECTS LOOKING BRIGHTER DESPITE SLOW START TO THE NEW YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the fact that the dry bulk market's benchmark, the BDI has been on a fall since the start of 2014, ending yesterday's session down to 1,87 ...
Wednesday, 08 January 14
AUSTRALIAN NEWCASTLE PORT'S WEEKLY COAL EXPORTS FALL
COALspot.com: In the week ended January 6, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.27 m ...
Wednesday, 08 January 14
THE DRY BULK MARKET HAS LOST SOME OF ITS STEAM THESE PAST COUPLE OF DAYS: INTERMODAL
Chartering (Wet: Softer- / Dry: Softer- )
The Dry Bulk market has lost some of its steam these past couple of days although hires, espe ...
Wednesday, 08 January 14
SHIPPING: THE ABSOLUTE BOTTOM OF THE CYCLE WAS REACHED AND PASSED - GEORGE LAZARIDIS
COALspot.com: To many in the industry 2013 has been the turning point in the market where the absolute bottom of the cycle was reached and passed.
...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Australian Coal Association
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
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