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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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Friday, 22 November 13
DRY BULK MARKET STILL LACKLUSTRE, DESPITE PROJECTIONS OF A NEW RALLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
We might still be about six weeks far from the end of the year, but the projected by many analysts upcoming rally of the dry bulk market, hasn't ye ...
Friday, 22 November 13
US COAL PRODUCTION DOWN 1.3% W-W
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.5 million short tons (mmst) of coal in ...
Thursday, 21 November 13
TAIPOWER TO PROCURE 750K MT OF 5500 GAR BITUMINOUS COAL FOR MAY - AUGUST 2014
COALspot.com: Taiwan Power Company intends to procure 750,000 metric tons of bituminous coal with calorific value not lesser than 5,500 kcal/kg on a ...
Thursday, 21 November 13
CAPESIZE : THE DOWNWARD TREND HAS TURNED INTO NOTABLE SPOT AND PERIOD IMPROVEMENT - FEARNLEYS
Handy
The Atlantic market experienced a general rate increase for most trades this week. More cargoes in the market and chrts looking for prompt t ...
Wednesday, 20 November 13
PANAMAX MARKET RESUMED ITS NEGATIVE MOVEMENT FOR A SECOND WEEK IN A ROW - INTERMODAL
COALspot.com: The recovery noted the week prior in the dry Bulk market proved to be short-lived, as the BDI slipped back down to the low 1,500 point ...
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- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Australian Coal Association
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- The University of Queensland
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
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