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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, 16 June 14
API 8 CFR SOUTH CHINA COAL SWAPS FALL CONTINUES THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 4.34 percent month on month and closed at US$ 71.05 per mt a ...
Sunday, 15 June 14
COAL FREIGHT RATES FALL FURTHER ON LACK OF DEMANDS - CAPT. REDDY
COALspot.com: The BDI softened this week as all segments fell this week. The Panamax sector being most affected. The Cape index was down 3.51 pct w ...
Friday, 13 June 14
US COAL PRODUCTION FELL 3% IN WEEK THAT ENDED JUNE 7, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
Friday, 13 June 14
DRY BULK MARKET KEEPS ON FALLING, DESPITE RESPITE OF THE CAPESIZE SECTOR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on its lacklustre performance overall, with the Baltic Dry Index (BDI) still hovering below the 1,000 point mark. Yest ...
Thursday, 12 June 14
INDONESIA SETS HBA FOR MONTH OF JUNE AT US$ 73.64
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised up first time in last four months the coal bench mark price. ...
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Showing 3656 to 3660 news of total 6871 |
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- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- PTC India Limited - India
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Planning Commission, India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- MS Steel International - UAE
- The Treasury - Australian Government
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
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