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Friday, 22 August 14
ARBITRATION CLAUSE IN LOU HELD TO REPLACE CHARTERPARTY ARBITRATION CLAUSE
 KNOWLEDGE TO ELEVATE
The Claimants had claims for cargo damage against the vessel Owners arising under four bills of lading. The vessel was the subject of a chain of three charterparties. The head and sub-charter provided for London Arbitration (two arbitrators unless a sole could be agreed), and the LMAA Small Claims Procedure for claims under US$100,000. The sub-sub-charter provided for Singapore Arbitration.
Owners’ P&I Club provided an LOU to the Claimants as security for their claims. The LOU provided for London Arbitration before a three-man Tribunal, stating in part: “we confirm that the Ship Owners agree that the above mentioned claims shall be subject to London Arbitration … and English Law to apply … and for each party to nominate its own arbitrator and the two so appointed may appoint a third”.
The Claimants commenced arbitration under the terms of the LOU, and Owners challenged the Tribunal’s jurisdiction. Owners argued that the arbitration clause in the head charter was incorporated into the bills of lading and that this remained intact, despite the provisions of the LOU. This included the use of the Small Claims Procedure. Owners said that the appointed Tribunal had no jurisdiction over claims which would inevitably be less than US$100,000.
The Court held that the arbitration provision in the LOU replaced the charterparty arbitration clauses. The Claimants had validly commenced arbitration and the Tribunal as appointed had jurisdiction.
The key question was whether the parties had intended the provisions of the LOU to replace the original arbitration provisions wholesale, or merely to vary them in limited respects but leaving them in force. The arbitration clause in the LOU was comprehensive and able to operate as a free standing agreement. Further, there was no reason in principle why the terms of the LOU should not operate as a complete replacement.
The Court identified “compelling reasons” supporting the parties’ intention that this should be the outcome. A particular focus was placed on certainty. Having an arbitration agreement located partly in an LOU and partly in a charterparty would be a “recipe for confusion”, especially where, as here, there was scope for disagreement as to which of the charterparty arbitration clauses would apply. The possibility of such disagreement was removed by the LOU.
This case highlights the importance of considering carefully whether the provisions of any binding documents, such as LOUs, will vary or even supersede the provisions of existing contracts. The court will consider all such documents in context, and in the light of common business sense. The parties’ intentions do not have to be explicitly set down in documents or correspondence for the court to make findings, in light of all the circumstances, as to what those intentions were.
Finally, it is interesting to note the Court’s comments, at the beginning of the judgment that it is difficult to see that the parties’ costs were well spent, where the amounts in dispute were modest and there was no dispute that the claims ought to be arbitrated. The Court noted that, in fact, Owners appeared to be seeking to knock out the claims on a technical point, because any new arbitration would be time barred, albeit it accepted that this was something which Owners were entitled to do.
Source: Reed Smith
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Monday, 13 October 14
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 54.92, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for delivery Q4' 2014 decreased US$ 0.80 (-1.46%) month over month and US$ 0.52 (-0.95%) week over ...
Monday, 13 October 14
INDONESIAN COAL SWAPS FOR DELIVERY Q4' 2014 GAINED WEEK ON WEEK AND DAY ON DAY
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 gained week on week and day on day.
The swap lost US$ 0.13 (-0.25%) month on mon ...
Monday, 13 October 14
Q1' 2015 CFR SOUTH CHINA COAL SWAP CLOSED US$ 0.31 PMT HIGHER THAN Q4' 2014 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 0.66 (-1.00%) month over month and US$ 0.40 (-0.61%) ...
Sunday, 12 October 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE WEAK - VISTAAR
COALspot.com: This week all the segments softened. The BDI down 7.13 pct week on week and closed below 1000 points at 963 points.
The Cape ind ...
Saturday, 11 October 14
COAL PRODUCTION RISES ONLY SLIGHTLY AS GOVT LIMITS MINING OPERATIONS - THE JAKARTA POST
Indonesian coal production rose by only 4 percent in the first nine months of this year, a relatively low increase compared to previous years, as t ...
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- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- White Energy Company Limited
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- CNBM International Corporation - China
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
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