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