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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, 26 May 14
Q3 14 CFR SOUTH CHINA COAL SWAPS LOST 2.24% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 2.24 percent month on month and closed at US$ 73.88 per mt as on F ...
Monday, 26 May 14
NEWBUILDING ORDERING ACTIVITY RISES BY 78% IN DWT TONNAGE OVER THE FIRST 4 MONTHS OF THE YEARS, AS OWNERS INVEST$40.5 BN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have plunged into newbuilding orders during the first four months of the year, as overall newbuilding business ended for the first four ...
Sunday, 25 May 14
FREIGHT RATES FROM SOUTH KALIMANTAN TO EAST COAST INDIAN PORTS WERE ASSESSED AT $9.50/MT
COALspot.com: The BDI was closed at 964 points down by 6.13 pct week on week. The Cape Index was lost 172 points or 11.24% week on week and closing ...
Saturday, 24 May 14
DRY BULK MARKET'S RECOVERY IS JUST AROUND THE CORNER SAYS SHIPOWNER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the weaker than expected market sentiment in the dry bulk market over the course of the past few months, analysts and shipowners alike appe ...
Friday, 23 May 14
U.S. WEEKLY COAL PRODUCTION SLIPS 1.8% WEEK ENDED MAY 17, 2014
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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- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- White Energy Company Limited
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
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