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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, 23 June 14
INDONESIAN COAL SWAP FOR Q3 DELIVERY LOST 8.60% Y-O-Y;4.80% M-O-M
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, 23 June 14
COAL SWAPS DROPS FURTHER MONTH ON MONTH ON WEAK DEMAND
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 6.91 percent month on month and closed at US$ 69.00 per mt a ...
Sunday, 22 June 14
THE PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA SLIPPED THIS WEEK
COALspot.com: The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell slightly on Friday ...
Friday, 20 June 14
DRY BULK MARKET LOOKING FOR UPSIDE ON ROBUST SEABORNE IRON ORE TRADE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market hasn’t been able to justify the heightened expectations this year. Yesterday, the Baltic Dry Index managed to inch forwar ...
Friday, 20 June 14
US WEEKLY COAL PRODUCTION DROPS 1.8% WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
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- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Australian Coal Association
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
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