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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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Sunday, 18 May 14
FREIGHT RATES ARE EXPECTED TO BE FIRM NEXT WEEK
COALspot.com: The freight market was steady with the BDI was closed slightly higher at 1027 points or up 3.00 pct week on week.
The Cape ...
Friday, 16 May 14
KOMIPO IS LOOKING FOR 60K MT OF LOW VOLATILE BITUMINOUS COAL
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 60,000 Metric Tons (MT) of low volatile bitumi ...
Friday, 16 May 14
U.S. COAL PRODUCTION TOTALED APPROXIMATELY 18.9 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal i ...
Thursday, 15 May 14
PANAMAX : SHORT PERIOD UP TO ONE YEAR REPORTED IN THE 12.000-12.500 RANGE - FEARNRESEARCH
Handy
The Supra and handy market seems to be affected by the recent holidays in Singapore which still relatively quiet. There are some Indo / ...
Thursday, 15 May 14
USA COAL CONFERENCE
Press Release: IHS Inc. (NYSE: IHS), the leading global source of information and analysis, will host the Coal USA Conference, June 18-20, 2014, ...
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- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
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