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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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Wednesday, 08 October 14
OIL COULD FALL TO USD80 BEFORE SHALE SUPPLY RESPONSE - FITCH
COALspot.com: Brent oil could fall as low as USD80 a barrel before triggering a self-correcting supply response with shale-oil drillers cutting inv ...
Wednesday, 08 October 14
IS THERE ANY BRIGHT SIDE ON THE DRY BULK SEGMENT? - YANNIS OLZIERSKY
In the movie “Life Of Brian”, a character on a nearby cross was singing the famous “Always look on the bright side of life” ...
Tuesday, 07 October 14
TAIPOWER TO IMPORT 525K MT OF LOW ASH AND EXTRA LOW SULFUR SUB-BITUMINOUS COAL
COALspot.com: Taiwan Power Company intends to procure 525,000 metric tons of low ash and extra low sulfur sub-bituminous coal for Taipower thermal ...
Tuesday, 07 October 14
SUB-BIT FOB INDONESIA COAL SWAP SHOWS A FLAT TO WEAK TREND THIS PAST WEEK
COALspot.com: Indonesian coal swaps November 2014 delivery flat week on week and gained US$ 0.10 (-0.20%) per mt day on day. The swap also lost US$ ...
Tuesday, 07 October 14
THE RIO TINTO CONFIRMS THAT NO DISCUSSIONS ARE TAKING PLACE WITH GLENCORE
COALspot.com: The board of Rio Tinto notes the recent press speculation regarding a possible combination of Rio Tinto and Glencore.The Rio Tinto bo ...
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- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
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- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Planning Commission, India
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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