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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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Friday, 06 June 14
RICHARDS BAY COAL TERMINAL SHIPPED 4.221 MMT OF COAL TO SOUTHERN ASIAN COUNTRIES IN MAY
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 5.58 million tons ...
Thursday, 05 June 14
RBCT SOUTH AFRICA SHIPPED 21% LESS COAL IN APRIL COMPARED TO MARCH EXPORTS
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 5.45 million tons ...
Thursday, 05 June 14
PANAMAX : THIS WEEK STARTED IN A SLOW PACE - FEARNLEYS
Handy
After last week's silent and unexciting week we see some more activity this week, especially from the South American market. The rates ...
Thursday, 05 June 14
PORT OF NEWCASTLE SHIPPED 2.91 MMT OF COAL IN THIS PAST WEEK
COALspot.com: The figure constitutes a 4.30 percent higher compared to the previous week, following a week on week decreased of 19.13 percent recor ...
Wednesday, 04 June 14
SKULD: DIVERSIFICATION AND A ROBUST BOTTOM LINE
In February, I was delighted to ring in the new policy year with the Skuld team following a solid renewal round and a strong year. 2013 was, in man ...
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- MS Steel International - UAE
- Petron Corporation, Philippines
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
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