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