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