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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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- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Australian Coal Association
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- The University of Queensland
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
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