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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, 09 June 14
INDO SUB-BIT COAL SWAPS FOR Q3,Q4 OF 2014 AND Q1 2015: LOST ON DAY AND MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 continue last week’s trend or lost on day, week and on month according to Asia ...
Monday, 09 June 14
API 8 CFR SOUTH CHINA COAL SWAP Q3 14 DELIVERIES LOST 4.61% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 4.61 percent month on month and closed at US$ 71.62 per mt a ...
Sunday, 08 June 14
DRY BULK MARKET RATES FOR PANAMXES TO REMAIN VOLATILE; NO IMPROVEMENTS SEEN OVER THE WEEK
COALspot.com: Cape index increase pushes BDI index to 989 points week on week. The BDI firmed up by 5.88 pct and closed at 989 points week ended 6 ...
Saturday, 07 June 14
EVERYTHING CHANGES, AND NOTHING ABIDES - HERACLITUS
A couple of weeks ago, and while everyone was focusing on the struggling freight market, Russia and China made history by signing a three-decade lo ...
Saturday, 07 June 14
U.S. MONTHLY COAL PRODUCTION SLIGHTLY HIGHER IN MAY 2014
COALspot.com – United States the world's second largest coal producer, produced approximately 19.2 million short tons (mmst) of coal in a ...
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- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- The Treasury - Australian Government
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- The University of Queensland
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
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