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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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Wednesday, 03 September 14
KOREA MIDLAND POWER CO. LTD INVITES BIDS FOR 1 MMT OF BITUMINOUS & SUB-BITUMINOUS COAL FOR BORYEONG POWER PLANT
COALspot.com: KOMIPO again in the market for 1 million tons of 5700 NAR and 4600 NAR coal for Jan – March 2015. South Korean state-owned util ...
Wednesday, 03 September 14
CFR S.CHINA COAL SWAP FOR JAN 2015 DELIVERY CLOSED AT $ 68.30 PMT; DOWN 2.43% W-O-W
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.95 (-1.39%) day on day and US$ 1.40 (-2.03%) week on wee ...
Tuesday, 02 September 14
BERAU COAL HAS AWARDED A CONTRACT EXTENSION TO BUMA FOR 647 MLN BCM OVERBURDEN REMOVAL
COALspot.com: PT Delta Dunia Makmur Tbk (“DOID”) has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama (&l ...
Monday, 01 September 14
GLOBALCOAL WELCOMES TWO NEW MARKET MEMBERS
COALspot.com: globalCOAL® announced today that two Market Members have joined its trading community. Both new Market Members are from the India ...
Sunday, 31 August 14
COAL FREIGHT RATES INTO INDIA FROM INDONESIA FIRM
COALspot.com: The freight market continued to firm this week. BDI up 5.42 percent week ended 29 August and closed at 1147 points while the Ca ...
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Showing 3511 to 3515 news of total 6871 |
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- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
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