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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, 21 August 14
PREDICTIONS FROM VARIOUS SHIPPERS AND MINING INDUSTRY FOR 2ND HALF YEAR AND ESPECIALLY Q4 IS POSITIVE
Handy
The activity has increased in both hemispheres this week and we see rates edging up on all trades. TA´s are now paying around 8k whic ...
Thursday, 21 August 14
SHIP OWNERS KEEP SHYING AWAY FOR NEW SHIP INVESTMENTS, OVERALL TREND IS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have remained in the sidelines of the Sale & Purchasing market for second hand vessels, during most of August, while they also slow ...
Wednesday, 20 August 14
DRY BULK MARKET TO REBOUND IN THE FOURTH QUARTER, OR NOT....- NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The projected rebound of the dry bulk market is still an elusive trend and shipbrokers and analysts are looking to identify the timing of the loomi ...
Monday, 18 August 14
CAPESIZE RATES TO RISE TO MUCH HIGHER LEVELS THIS YEAR - JEFFREY LANDSBERG
COALspot.com: Capesize rates ended last week at $15,561/day, which marked a week-on-week increase of $6,167 (66%). Capesize rates have been a ...
Monday, 18 August 14
SUB-BIT FOB INDONESIA COAL SWAP CLOSED AT $58.60 FOR SEPTEMBER 2015; UP $4 FROM SEPTEMBER 2014 CLOSING
COALspot.com: Indonesian coal swaps for average September 2014 decreased US$ 0.15 (-0.27%) day on day and US$ 0.75 (-1.36%) per mt week on week. Th ...
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- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Latin American Coal - Colombia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
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