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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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Thursday, 26 June 14
COAL DIVESTMENT CAMPAIGNS COME WITH RISKY UNINTENDED CONSEQUENCES - WCA
Last week I presented to the Expert Group on investments in coal and petroleum companies, the body set up to advise the Norwegian Government on whe ...
Wednesday, 25 June 14
INDONESIAN COAL EXPORTS ON RISE; EARNINGS FALL ON LOWER SELLING PRICES
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.84* ...
Wednesday, 25 June 14
THE PANAMAX MARKET REACHED FRESH LOWS FOR THE YEAR, SAYS INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a slight decrease, but this image of stability is merely representative of freight rat ...
Wednesday, 25 June 14
SHIPPING: MARKET INSIGHT - YANNIS OLZIERSKY
During his recent visit in London, China's Premier, Li Keqiang, announced that China's economy, the world's second largest after the US ...
Tuesday, 24 June 14
INDONESIAN COAL MINER TARGETS RP 313 BILLION IPO
COALspot.com: Indonesian coal miner PT Mitrabara Adiperdana is aiming to raise up to Rp 313 billion to Rp 368 billion (approximately $26.133 millio ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- The University of Queensland
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
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