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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, 05 September 14
U.S. PRODUCED 19.2 MMST OF COAL LAST WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Thursday, 04 September 14
PUNJAB STATE POWER CORPORATION LIMITED OF INDIA HAS DECIDED TO BUY IMPORTED COAL - HINDUSTAN TIMES
COALspot.com: The Punjab State Power Corporation Limited (PSPCL) has decided to buy imported coal to run its thermal plants, as reported by Hindust ...
Thursday, 04 September 14
INDONESIAN COAL MINERS MAY GET MORE TIME ON ROYALTIES - FITCH RATINGS
COALspot.com: Fitch Ratings says that coal miners in Indonesia are likely to get more time to repay the government the royalties that were set off ...
Thursday, 04 September 14
INDONESIAN COAL SWAPS SLIDE THIS PAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.90 (-1.68%) day on day and US$ 1.80 (-3.31%) per mt week on week. The ...
Thursday, 04 September 14
CAPESIZE : SENTIMENT REMAINS POSITIVE FOR Q3/Q4 - FEARNRESEARCH
Handy
The Atlantic market has experienced more activity this week. Rates for TA´s are up about 8% w-o-w, much lead by an increasing number ...
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- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- The Treasury - Australian Government
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