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Saturday, 07 June 14
FIRST BITE AT ANTI-CORRUPTION CLAUSE - BIMCO
 In recent years a number of countries have introduced anti-corruption legislation which, unfortunately, fails to recognise the practical implications for day-to-day trading activities in the shipping industry. The main problem facing owners and operators comes from demands by port and other local officials for “facilitation payments” before they will undertake or complete a particular task, such as ship clearance or providing pilotage services. If the Master refuses to make the “facilitation payment” (which may be cash, cigarettes or alcohol), the ship may be delayed or the owners could be fined for alleged regulatory or criminal breaches. On the other hand, if the Master gives in under commercial pressure and makes a payment, he and the owners may face criminal prosecution from authorities in the vessel’s flag state or country of domicile if they have zero-tolerance anti-corruption legislation.
Dealing with bribery and corruption in a charter party context is a challenging task. It has been argued that facilitation payments are more the result of blackmail than being a bribe in the conventional sense to gain commercial advantage. Unfortunately, legislation currently in force does not make such a distinction. This creates potential pitfalls for the unwary when drafting contractual clauses to demonstrate a business’s commitment to preventing corruption.
A number of rather onerous clauses have been seen in the market which place owners and operators between a rock and a hard place when trying to comply with strict anti-corruption legislation while fulfilling their commercial obligations. To counter these clauses and provide the industry with a more balanced a workable solution, BIMCO has gathered together representatives of owners, charterers and legal advisers to develop a charter party clause for voyage and time charters that specifically addresses the facilitation payment issue.
At a meeting at the UK Chamber of Shipping on 2 June the group began its task of formulating a new clause setting out the obligation to comply with applicable anti-corruption legislation alongside provisions establishing clear anti-corruption procedures. It is important that the owners and charterers work together to establish and agree procedures to determine whether a particular demand for a facilitation payment is legitimate or corrupt. If the demand is deemed to be corrupt, then the owners should not be penalised for any time lost as a result of refusing to pay the bribe, provided they have issued an appropriate note of protest.
According to Grant Hunter, Chief Officer for Legal and Contractual Affairs at BIMCO, “The clause must also deal with what happens if there is a breach of applicable anti-corruption legislation by one of the parties – most likely leading to the contract being terminated if the matter cannot be resolved within an agreed period of time. There is also the issue of an indemnity from the charterers if the owners suffer as a result of complying with charterers’ orders”.
All of these matters are currently under discussion by the Anti-Corruption Clause Sub-committee. A preliminary first draft has been produced and will be further reviewed by the sub-committee before being scrutinised by the full Documentary Committee in November. This is an important clause much needed by the industry and it will be published only after a thorough drafting and review process.
Source: BIMCO / Hellenic Shipping News
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Wednesday, 09 July 14
PANAMAX MARKET FINALLY CORRECTING UPWARDS; AVERAGE TC MORE THAN DOUBLING WEEK ON WEEK - INTERMODAL
The Dry Bulk market has closed off on Friday on a more positive note, with most segments noting weekly gains and the Panamax market finally correct ...
Wednesday, 09 July 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
The mini-boom in dry bulker values catapulted ship prices too fast too far over the last one-and-a-half year. The concurrence of historically low p ...
Tuesday, 08 July 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN IN JULY; LOST 1.62%
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia again revised down the coal bench mark price in July. HBA for month of J ...
Tuesday, 08 July 14
ENERGY IN THE MIX - INTERMODAL SHIPBROKERS
With the Tanker freight market having showed much promise this year compared to the performance that had been noted during the previous five, it is ...
Monday, 07 July 14
INDONESIA STATE-CONTROLLED COAL MINER BUKIT ASAM TO TRADE COAL ON-LINE THROUGH JFX
COALspot.com: Indonesian state owned coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) has teamed up with Jakarta Futures Exchange (JFX) to sell ...
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- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Australian Coal Association
- The University of Queensland
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
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