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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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Thursday, 29 May 14
PEABODY ENERGY CHAIRMAN RECEIVES WCA AWARD
The World Coal Association has presented Gregory H. Boyce, Chairman and Chief Executive Officer of Peabody Energy (NYSE: BTU), with the 2014 Chairm ...
Thursday, 29 May 14
HANDY : THE SUPRAS ARE BEING TRADED AROUND 13K FOR SHORTER UPTO 1 YEAR PERIOD
Handy
The week started off with bank holidays in London and very little happening. This trend has continued and we believe it will continue into ...
Wednesday, 28 May 14
THE DRY BULK MARKET REMAINED UNDER PRESSURE - INTERMODAL
COALspot.com: The Dry Bulk market remained under pressure during this past week, with all indices pointing down compared to the previous Friday. Th ...
Tuesday, 27 May 14
PORT OF NEWCASTLE SHIPPED 19.13% LESS COAL THIS PAST WEEK
COALspot.com: In the week ended 07:00 hours 26 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, ...
Monday, 26 May 14
SUB-BIT FOB INDO COAL SWAP Q1' 15 DELIVERIES CLOSED AT US$ 59.40 PER MT
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 ...
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- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- The University of Queensland
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
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