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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, 12 June 14
HANDY : TA MARKET IS CONTINUING SOUTH WITH A DECREASE OF 26% W-O-W
Handy
The week started off with holidays in most European countries and the TA market is continuing south with a decrease of 26% w-o-w. We do see ...
Thursday, 12 June 14
CONSOLIDATION IS THE ' NAME OF THE GAME' WHEN IT COMES TO SHIPYARDS ACROSS ASIA - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Intense competition, a swelling of new greenfield shipyards over the past few years mainly in China, especially prior to the 2008 global financial ...
Wednesday, 11 June 14
INDONESIA'S COAL EXPORT VOLUME AND REVENUE SLIPS 2.75% AND 6.73% RESPECTIVELY IN APRIL
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.8* b ...
Wednesday, 11 June 14
BPI TOUCHING A NEW LOW FOR THE YEAR
The Dry Bulk market closed off the week positively, on the back of firming Capesize rates, while the market overall continues to face a very challe ...
Monday, 09 June 14
GOVT GETS TOUGH ON ILLEGAL MINING, SUSPENDS LICENSES - THE JAKARTA POST
The government has temporarily suspended the licenses of 62 mineral and coal transportation companies as part of its efforts to curb illegal mining ...
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- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- London Commodity Brokers - England
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Planning Commission, India
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- The University of Queensland
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
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