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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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Thursday, 28 August 14
PANAMAX: OWNERS CAN GET AROUND USD 16000 FOR A FRONTHAUL; PERIOD MARKET - VERY QUIET - FEARNLEYS
Handy
The activity and sentiment is improving in the Atlantic with the general TA rate is up about US$ 800 w-o-w. We see more South American carg ...
Thursday, 28 August 14
BANPU REPORTS HIGHER FIRST-HALF YEAR RESULTS FOR 2014
COALspot.com: Banpu Public Company Limited (BANPU) reports higher first half-year financial results for 2014 having its gross profit increasing 3 p ...
Wednesday, 27 August 14
FREIGHT MARKET: IS THE MARKET IN A RECOVERY MOOD? - GEORGE ILIOPOULOS
Is the market in a recovery mood?
August is typically a time when the shipping industry takes it easy… charter-ers book their requireme ...
Tuesday, 26 August 14
4TH ANNUAL ASIA NICKEL
4th Annual Asia Nickel
19-20 Nov 2014
Grand Hyatt Jakarta, Indonesia
Web Site
Asia’s Premier Nickel Conference
Regulation in ...
Tuesday, 26 August 14
DESPITE LOW DRY BULK RATES, BULKER PRICES ARE STILL HIGH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, August tends to be a month of slow activity in the sale and purchasing market and this year has been no exception. However, as shipb ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Minerals Council of Australia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
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