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