We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 02 July 14
THE PANAMAX MARKET CONTINUED TO BLEED FOR ANOTHER WEEK - INTERMODAL
COALspot.com: The Dry Bulk market succumbed to mounting pressure this past week, while the Capesize market proved unable to “save the day&rdq ...
Wednesday, 02 July 14
HANDY BULKERS PROVE TO BE THE MOST SOUGHT AFTER VESSELS OVER THE PAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Handy dry bulker proved to be the most sought after ship by ship owners active in the second hand market, which saw a slight decline in terms o ...
Wednesday, 02 July 14
SHIPPING: MARKET INSIGHT - GEORGE DERMATIS
After 6 months, 57 ministerial meetings and 67 political agreements, the journey of the Greek Presidency in the EU reached its end yesterday; only ...
Tuesday, 01 July 14
INDIAN POWER PLANT COAL STOCKPILES VERY LOW
COALspot.com: According to today's Weekly Dry Bulk Report published by Commodore Research, Indian power plant coal stockpiles have now fallen t ...
Monday, 30 June 14
SUB-BIT FOB INDONESIA COAL PRICES ARE STILL STRUGGLING TO RECOVER
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
|
|
|
Showing 3631 to 3635 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
|
| |
| |
|
