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