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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, 02 June 14
SUB-BIT FOB INDONESIA COAL SWAPS LOST GROUND THIS WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 02 June 14
SOUTH CHINA COAL SWAP WAS SHOWING A POSITIVE MOVE IN Q4, INSTEAD OF THIS WEEK'S WEAK TREND
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 3.39 percent month on month and closed at US$ 72.65 per mt as on F ...
Sunday, 01 June 14
INDO - INDIA SUPRMAX FREIGHT RATES CONTINUED TO DOWN THIS WEEK
COALspot.com: The freight market was soft this past week as all sectors soften particularly Panamax index was lost 129 points or 12.88% week on wee ...
Friday, 30 May 14
CLEAN COAL PROCESSING & CONVERSION ASIA SUMMIT 2014
Clean Coal Processing & Conversion Asia Summit 2014 will be held on Nov 20-21st, 2014 in Jakarta, Indonesia.
With the cooperation of ...
Friday, 30 May 14
US COAL PRODUCTION RELATIVELY FLAT WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
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- Mercuria Energy - Indonesia
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- The University of Queensland
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- Cigading International Bulk Terminal - Indonesia
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- Ministry of Finance - Indonesia
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- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
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- Coal and Oil Company - UAE
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- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
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- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
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- Posco Energy - South Korea
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- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
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- Thiess Contractors Indonesia
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- Parliament of New Zealand
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- SN Aboitiz Power Inc, Philippines
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- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
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- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
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- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
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- Kepco SPC Power Corporation, Philippines
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- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
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- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
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- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
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- GAC Shipping (India) Pvt Ltd
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- Karbindo Abesyapradhi - Indoneisa
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- White Energy Company Limited
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- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
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