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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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Showing 3671 to 3675 news of total 6871 |
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- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- PTC India Limited - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
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