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