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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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Monday, 18 November 13
SUB-BIT INDONESIA COAL SWAP LOST ON WEEK; MARGINALLY GAINED ON DAY
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’ 14 delivery gained $ 1.25 pmt month on month on Friday 15 Novemb ...
Sunday, 17 November 13
Q4' 14 API 8 CFR SOUTH CHINA COAL SWAP CLOSED $ 3.43 PMT (4.34 %) HIGHER THAN Q1' 14 SWAP
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 0.05 percept d-d on Friday 15 November 2013. The CFR South ...
Saturday, 16 November 13
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES FIRM DUE TO STRONG COAL ACTIVITIES
COALspot.com: The Cape and Panamax index was down this week and pulling down the BDI by about 5 pct. BDI was closed at 1507 points on Friday 1 ...
Friday, 15 November 13
DRY BULK MARKET STILL LINGERING ON, DESPITE PREDICTIONS OF NEW IMMINENT RALLY PRIOR TO THE YEAR'S END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market hasn't yet managed to stage a new comeback after its retreat from the recent multiyear highs. Yesterday, the industry's benchm ...
Friday, 15 November 13
US COAL PRODUCTION UP 2.59% WEEK ON WEEK
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.8 million short tons (mmst) of coal in ...
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- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Thai Mozambique Logistica
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