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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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Monday, 07 July 14
RBCT, THE WORLD'S SINGLE LARGEST EXPORT COAL TERMINAL SHIPPED 31.91 MMT OF COAL IN H1 2014
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 31.91 million ton ...
Monday, 07 July 14
SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL SHIPPED 12% LESS COAL IN JUNE COMPARED TO MAY EXPORTS
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 4.91 million tons ...
Monday, 07 July 14
INDONESIAN SUB-BIT COAL SWAPS FOR Q3 DELIVERY CRASHES THROUGH $ 54.50
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 07 July 14
API 8 CFR SOUTH CHINA COAL SWAPS SHOW A DOWNWARD TREND THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 drops US$ 5.47 month on month on Friday, dipping under $68 a ton. The CFR South Ch ...
Sunday, 06 July 14
PANAMAX INDEX BEING THE BIGGEST GAINER THIS WEEK; UP 52.75% W-O-W
COALspot.com: This week there was some positive signs in all the sectors. The Panamax index being the biggest gainer this week after losing for sev ...
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- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- White Energy Company Limited
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
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