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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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Friday, 26 September 14
NEWCASTLMAXES ARE THE MOST SOUGHT AFTER VESSELS BY SHIP OWNERS TODAY SAYS VESSELS VALUE
KNOWLEDGE TO ELEVATE
Determining a ship’s fair value can be a very tricky business, especially when you’re the one paying. As such ...
Thursday, 25 September 14
LACK OF COAL BUSINESS PUSHING DOWN PANAMAX EARNINGS IN PACIFIC
Handy
In the Atlantic we see rates steady climbing upwards. More coal cargoes out of USG and USEC are helping the TA market which is up some USD ...
Wednesday, 24 September 14
ADARO AGREED TO REDUCE ITS CONCESSION AREA TO 31,379.8 HECTARES
COALspot.com: PT Adaro Energy Tbk (Adaro Energy) today announced that, PT Adaro Indonesia (AI), its wholly owned subsidiary, entered into a M ...
Wednesday, 24 September 14
CAPESIZE: ACTIVITY IN BOTH BASINS WAS UNIMPRESSIVE
COALspot.com: The end of the week prior seems to have marked the tone for the days that followed, with the Dry Bulk market giving up a significant ...
Tuesday, 23 September 14
MEDCO TO INCREASE ITS COAL PRODUCTION NEXT YEAR
COALspot.com: PT Medco Energi Internasional is looking to increase its coal production next year, supported by the launch of operations at its Duta ...
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- Indika Energy - Indonesia
- MS Steel International - UAE
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
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