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