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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, 11 August 14
SGX CFR SOUTH CHINA COAL SWAPS DIRECTION HEADING TO NORTH
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.50 (+0.74%) day on day and US$ 1.55 (+2.33%)&nbs ...
Monday, 11 August 14
A TALE OF TWO TRADES - EVA TZIMA
COALspot.com: It has without a doubt been “a cruel, cruel summer” for the Dry Bulk market so far and with second hand values still stan ...
Sunday, 10 August 14
FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com: This week the BDI and other segments saw some improvements. The BDI increased by 3.46 pct week on week and closed at 777 points.
...
Friday, 08 August 14
MINING DISPUTE IS CRIPPLING LOCAL ECONOMIES IN EASTERN INDONESIA - JG
- By Iwan Harsono -
It seems as if there’s no end in sight to the series of negotiations between the government and mining companies about ...
Friday, 08 August 14
CAPESIZE RATES ARE REMAINING MORE OR LESS UNCHANGED AT BOTTOM LOW LEVELS - FEARNLEYS AS
Handy
An improving sentiment with stronger rates and fair demand for prompt tonnage in the Atlantic, both on the Continent and in the Med for the ...
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Showing 3551 to 3555 news of total 6871 |
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- Parry Sugars Refinery, India
- Bhatia International Limited - India
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Minerals Council of Australia
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
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