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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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Saturday, 30 August 14
INDIAN GOVERNMENT SHOULD TAKE NOTICE: THERMAL COAL IMPORT PRICES EXTREMELY LOW - COMMODORE RESEARCH
COALspot.com: Both Indonesian and Australian thermal coal prices are at the lowest levels seen this decade, with Indonesia's monthly benchmark ...
Saturday, 30 August 14
RECOVERY IN SIGHT FOR THE DRY BULK SHIPPING MARKET - DREWRY SHIPPING CONSULTANTS
Despite weak freight rates so far this year, Dry Bulk shipping earnings are forecast to recover as demand for both major and minor bulk commodities ...
Friday, 29 August 14
U.S. WEEKLY COAL PRODUCTION DROPS 1.3 PERCENT, EIA SAYS
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Friday, 29 August 14
ADARO'S PROFITS SINK FURTHER AMID FALL IN COAL PRICES - JP
Adaro Energy, one of the country’s largest coal miners, has reported a 31 percent drop in net profit in the first half of this year as global ...
Friday, 29 August 14
CHINESE LIGNITE IMPORTS: QUANTITY OVER QUALITY? - CLARKSONS
In the first half of 2014, Chinese seaborne coal imports declined 0.4% y-o-y to 148mt, largely reflecting a 3.3% fall in imports of steam coal. Mea ...
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- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Australian Coal Association
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Marubeni Corporation - India
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
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