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