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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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Tuesday, 20 May 14
NEWCASTLE'S COAL EXPORT VOLUME UP 39.11 PERCENT WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 19 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, ...
Tuesday, 20 May 14
DRY BULK MARKET TO IMPROVE OVER THE COURSE OF 2014, BUT OVERSUPPLY STILL AN ISSUE SAYS BIMCO'S CHIEF SHIPPING ANALYST
As a gruelling first quarter edges closer to the end, dry bulk ship owners are looking at an improved second quarter demand, which, coupled with sl ...
Tuesday, 20 May 14
DRY BULK MARKET IS BOUND FOR A RECOVERY CLAIMS PARAGON SHIPPING'S HEAD MICHAEL BODOUROGLOU
The dry bulk market is bound for a recovery in the coming weeks, as the market will be better balanced, said Mr. Michael Bodouroglou, Chairman and ...
Monday, 19 May 14
INDO COAL SWAPS FOR AVERAGE Q3' 2014 DELIVERY LOST ON WEEK AND ON MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
Monday, 19 May 14
API 8 CFR SOUTH CHINA COAL LOST 2.49% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 2.49 percent month on month and closed at US$ 74.35 per mt as on F ...
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- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Planning Commission, India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Economic Council, Georgia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- The University of Queensland
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
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