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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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Friday, 23 May 14
DRY BULK NEWBUILDING CANCELLATIONS COULD HELP SUPPORT MARKET IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's demise over the past few months maybe has come as a surprise to many, but analysts and shipbrokers are looking forward to ...
Thursday, 22 May 14
HEAR SUCCESSFUL CASE STUDIES FROM 10 INDEPENDENT UNCONVENTIONAL GAS OPERATORS
Unconventional Gas Asia 2014 will provide a unique opportunity for Asia’s unconventional gas leaders to share their experience and expertise ...
Thursday, 22 May 14
CNPC-GAZPROM DEAL A MEDIUM - TERM POSITIVE FOR CHINA'S GAS SECTOR
Fitch Ratings says a 30-year deal in which Russia's OAO Gazprom (BBB/Negative) will supply gas to China National Petroleum Corporation (CNPC; A ...
Thursday, 22 May 14
CAPESIZE : RATES ARE STILL UNDER PRESSURE
Handy
A quiet start into the week in Far East, some fresh Indonesian coal order in the market. For trips within S.E. Asia, Supras are trading aro ...
Wednesday, 21 May 14
SHIPPING: MARKET INSIGHT - GEORGE LAZARIDIS
The recent revision by the OECD of its global growth forecast has sparked a debate as to the potential outcome these new figures will have on seabo ...
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- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
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