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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, 19 June 14
PANAMAX: VERY CLOSE TO BREAKING THE ALL TIME LOW RECORD - FEARNLEYS AS
Handy
The Supra-Handy market is experiencing the same market slow down as its bigger sister markets however not to the same extent. We see TA rat ...
Wednesday, 18 June 14
CHINESE STEEL PRODUCTION SETS RECORD DURING FIRST TEN DAYS OF JUNE - COMMODORE RESEARCH & CONSULTANCY
Recently released data shows that average daily crude steel production at China's key steel mills hit a record high of 1.833 million tons durin ...
Wednesday, 18 June 14
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Back in January the expectations for Q3 and Q4 were more than great. Talks and claims for a rising BDI and a healthy market were coming from everyw ...
Tuesday, 17 June 14
DRY BULK FREIGHT RATES TO RISE DURING THE SECOND HALF OF 2014, AS CHINA IS EXPECTED TO START IMPORTING MORE IRON ORE FROM BRAZIL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In its latest analysis of the dry bulk market, BIMCO said that it doesn’t expect freight rates to react significantly to increased demand bef ...
Monday, 16 June 14
INDONESIAN COAL SWAPS FOR Q3 DELIVERY FALL 2.34 % MONTH ON MONTH
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 ...
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Showing 3651 to 3655 news of total 6871 |
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- The University of Queensland
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Planning Commission, India
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
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