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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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Monday, 25 August 14
API 8 CFR SOUTH CHINA COAL SWAP GAINED DAY OVER DAY AND MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.30 (+0.44%) day on day and decreased US$ 0.20 (- ...
Sunday, 24 August 14
SEA FREIGHT MARKETS STARTING TO LOOK POSITIVE; CAPES DRIVE FREIGHTS HIGHER
COALspot.com: The freight market has strengthen further this week with BDI up 7.19 pct week on week. The BDI was closed at 1,088 points while the B ...
Friday, 22 August 14
INDIAN IRON ORE ROYALTY RISE NOT LIKELY TO HURT STEELMAKERS' MARGINS - FITCH
Fitch Ratings does not expect an increase in India's iron ore royalty rates to have a major impact on the profitability of steel producers in t ...
Friday, 22 August 14
ICAP ENERGY LAUNCHES GLOBAL COKING COAL DERIVATIVES TRADING
First contract completed and cleared on CME
COALspot.com: ICAP Energy, the energy business of ICAP plc, announces today that it has successful ...
Friday, 22 August 14
U.S WEEKLY COAL PRODUCTION UP 2.4% WEEK OVER WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.60 million short tons (mmst) of coal in ...
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- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
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- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
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- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
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- The State Trading Corporation of India Ltd
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- White Energy Company Limited
- Merrill Lynch Commodities Europe
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- Australian Coal Association
- Economic Council, Georgia
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- ICICI Bank Limited - India
- Ministry of Transport, Egypt
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- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
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- Goldman Sachs - Singapore
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- Coal and Oil Company - UAE
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- Indian Oil Corporation Limited
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- Tamil Nadu electricity Board
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- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
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- Eastern Energy - Thailand
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
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- Commonwealth Bank - Australia
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
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- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
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- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Mjunction Services Limited - India
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- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
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- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
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- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
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- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
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- Salva Resources Pvt Ltd - India
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- Singapore Mercantile Exchange
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