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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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Tuesday, 09 September 14
WEAK M&A DESPITE ABUNDANT DISTRESSED INDONESIA COAL ASSETS - FITCH RATINGS
COALspot.com: Fitch Ratings says that a meaningful level of merger and acquisition (M&A) activity leading to a consolidation of the coal sector ...
Tuesday, 09 September 14
PORT OF NEWCASTLE SHIPPED 13.207 MTN OF COAL IN AUGUST; TRADE VALUE AROUND $1.17 BILLION
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.17 billio ...
Monday, 08 September 14
SUB-BIT FOB INDONESIA COAL SWAP UNDERPERFORMED LAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.20 (-0.39%) day on day and US$ 1.60 (-3.04%) per mt week on week. The ...
Monday, 08 September 14
API 8 CFR SOUTH CHINA COAL SWAP FOR DELIVERY JAN'15 CLOSED AT US$ 66.30 PMT W/E 5 SEPTEMBER 2014; LOST 5.15% M-O-M
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.15 (-0.23%) day on day and US$ 2.05 (-3.04%) week on wee ...
Monday, 08 September 14
CHINESE IRON ORE IMPORT DEMAND VERY STRONG - COMMODORE
COALspot.com: 30 dry bulk vessels were chartered in the spot iron ore market last week to haul iron ore import cargoes to Chinese buyers.
Acco ...
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- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Economic Council, Georgia
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- The University of Queensland
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- PTC India Limited - India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
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