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