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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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Wednesday, 13 August 14
WEEKLY MARKET INSIGHT - KONSTANTINOS KONTOMICHIS SNP BROKER
Being at the peak of the holiday season, August is, as usual, the quietest month in terms of snp transactions, yet it is also a time very critical ...
Wednesday, 13 August 14
WHAT DOES PROJECT CARGO REALLY MEAN TO INSURERS?
KNOWLEDGE TO ELEVATE
Richard Kamppari-Baker, claims manager of FP Marine Risks, explains the challenges of project cargo risk assessment from ...
Wednesday, 13 August 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN CLOSE TO 57 MONTHS LOWS
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price in August. HBA for the month of A ...
Monday, 11 August 14
LARGEST CHINESE TRADE SURPLUS EVER RECORDED IN JULY - BIMCO
China recorded a trade surplus of USD 47.3 billion in July 2014. The record high surplus came on the back of very strong export growth while import ...
Monday, 11 August 14
INDONESIAN THERMAL COAL SWAPS SEEING SOME POSITIVE TREND
COALspot.com: Indonesian coal swaps for average September 2014 increased US$ 0.20 (+0.36%) day on day and US$ 1.30 (+2.41%) per mt week on week. Th ...
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- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
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