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