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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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- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
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- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
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- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Planning Commission, India
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
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- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
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