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