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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, 12 May 14
DRY BULK MARKET IS STILL STRUGGLING TO FIND FIRM FOOTING
COALspot.com: The freight market continued to be weak and the BDI closed slightly lower at 997 points or fell 1.96 pct week on week. The cape in ...
Friday, 09 May 14
RBCT SHIPPED 5.4 MMT OF COAL IN APRIL
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest coal export terminal in the world, shipped 5.45 million to ...
Friday, 09 May 14
DRY BULK MARKET: BANKRUPTCY TONNAGE UNLEASHED
Drewry’s latest Dry Bulk Forecaster saw freight rates on most routes declined in 2014’s first quarter as the previous quarter’ ...
Friday, 09 May 14
UNITED STATES COAL PRODUCTION SLIGHTLY SLIDES TO 82.4 MMST IN APRIL
COALspot.com – United States the world's second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal i ...
Thursday, 08 May 14
'TRIAL BY MEDIA, TRIAL BY LAW' - A REPORT FROM TRACK 1 OF BIMCO'S ANNUAL CONFERENCE DUBAI 2014
KNOWLEDGE TO ELEVATE
Aiming to bring a very different type of event into their annual conference, BIMCO presented ‘Double Jeopardy &n ...
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- SMC Global Power, Philippines
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Economic Council, Georgia
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Australian Coal Association
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
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