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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, 30 June 14
WEEKLY CFR SOUTH CHINA COAL SWAPS DECLINE CONTINUES; Q1'15 LOST US$ 4.55 PMT IN A WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 fell US$ 5.25 month on month on Friday, dipping under $69 a tone. The CFR South Ch ...
Monday, 30 June 14
INDO - INDIA FREIGHT RATES CONTINUE TO WEAK
COALspot.com: The latest dry Index shows that average all-in spot freight declined, the Panamax and Supramax slipping by 9.11 percent and 4% respec ...
Friday, 27 June 14
DRY BULK MARKET STILL LOOKING FOR UPSIDE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept up its lacklustre performance during the past week, as evidenced by the course of the Baltic Dry Index (BDI). The BDI ...
Thursday, 26 June 14
PANAMAX : A PACIFIC ROUND PAYS AROUND US$ 3K DAILY - FEARNLEYS AS
Handy
In the Atlantic there has been little activity which again has caused rates to slip across all trades. TA´s are now down to US$ 5,500 ...
Thursday, 26 June 14
KOMIPO INVITES BIDS FOR TOTAL 750K MT OF BITUMINOUS COAL FOR 3CY
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) has issued a new tender for supply of total 250,000 MT of bituminous co ...
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Showing 3636 to 3640 news of total 6871 |
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- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- The University of Queensland
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
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