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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, 22 September 14
COAL SECTOR CHAOS - GENESIS TO REVELATION - DIPESH DIPU
COALspot.com: “Let there be light”, intends the government of India but the fuel side of the story paints a blackout. The recent Suprem ...
Monday, 22 September 14
CFR SOUTH CHINA COAL SWAPS LOST ON DAY, WEEK AND MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 3.10 (-4.50%) month over month and $ 0.95 PT MT week over ...
Monday, 22 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.35 (+0.69%) day on day and lost US$ 0.30 (-0.58%) per mt week on week. ...
Sunday, 21 September 14
CAPE INDEX LOST 17% W-O-W ; BALTIC DRY PLUNGES 106 POINTS
COALspot.com: This week the freight market softened a bit compared to last week.
BDI fell 8.97% week on week and closed BDI at 1075 points on ...
Friday, 19 September 14
U.S. WEEKLY COAL PRODUCTION RELATIVELY FLAT AT +0.1% - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
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- White Energy Company Limited
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Thiess Contractors Indonesia
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
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