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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, 18 August 14
CFR SOUTH CHINA COAL SWAP PERFORMED WELL THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.45 (+0.66%) day on day and US$ 0.30 (+0.44%)&nbs ...
Saturday, 16 August 14
HIGH DEMAND OF IRON ORE SHIPMENTS PUSHED CAPE INDEX UPWARDS
COALspot.com: This week's freight market was buoyant with Cape and panamax index seeing a big jump pushing the BDI above 1,000 points week on c ...
Friday, 15 August 14
5TH ANNUAL POWER AND ELECTRICITY INDONESIA
5TH ANNUAL POWER AND ELECTRICITY INDONESIA
13-16 October 2014
Grand Hyatt Jakarta, Indonesia
Web Site
The country’s definitive ...
Thursday, 14 August 14
U.S. STEAM COAL IMPORTS REMAIN DOWN SHARPLY FROM HISTORIC HIGH IN 2007, SAYS EIA
COALspot.com: U.S. steam coal imports at power plants have fallen significantly from their peak level of more than 30 million tons in 2007 to less ...
Thursday, 14 August 14
INDIA'S PLAN TO START AN INFRASTRUCTURE BOOM AND TO INVEST US$ 1 TRILLION BY 2017 WILL SURELY AFFECT THE DRY BULK TRADE - FEARNLEYS
Handy
The Atlantic Supra market has continued its improving sentiment with rates climbing and TA´s are now up about US$ 900 w-o-w, said Fea ...
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Showing 3541 to 3545 news of total 6871 |
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- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
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