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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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Friday, 04 July 14
US: WEEKLY COAL PRODUCTION SLIGHTLY UP W-O-W
COALspot.com – United States the world's second largest coal producer, produced approximately 19.4 million short tons (mmst) of coa ...
Friday, 04 July 14
PARAM MITRA COAL RESOURCES SECURES US$ 7.5M INVESTMENT FROM TEMBUSU PARTNERS
Param Mitra Coal Resources Pte Ltd (“PMCR”), which owns two operating coal mines in Indonesia, has secured from Singapore private equit ...
Thursday, 03 July 14
BUMI TRANSFERS 19% OF KPC STAKE VALUED AT US$ 950 MILLION TO CIC
COALspot.com: PT. Bumi Resources announces that 19% of its holdings in Kaltim Prima Coal (KPC), valued at US$ 950 million, has been transferred to ...
Thursday, 03 July 14
PANAMAX : IN THE ATLANTIC, OWNERS ARE WILLING TO FIX AT ABOUT $2.5K PER DAY - FEARNEYS
Handy
In its latest weekly report, shipbroker Fearneys noted that, this week seems to have been more of a wait and see game between owners and ch ...
Wednesday, 02 July 14
NEWMONT FILES FOR INTERNATIONAL ARBITRATION ON ORE EXPORT BAN - THE JAKARTA POST
PT Newmont Nusa Tenggara (NNT), a subsidiary of United States-based Newmont Corporation, has filed for international arbitration against the govern ...
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Showing 3626 to 3630 news of total 6871 |
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- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Planning Commission, India
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- The University of Queensland
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
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