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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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Sunday, 03 August 14
LACK OF COAL SHIPMENTS FROM FAR EAST/SE ASIA, THE PRESSURE ON CHARTER RATES CONTINUED THIS WEEK
COALspot.com: This week, the freight rates were almost flat as charter rates were also almost steady from last week.
The BDI was up by 2.59 pc ...
Friday, 01 August 14
UNCERTAINTY IN ASIAN COAL MARKETS WHERE INDEX-LINKED PRICING DOMINATES - SGX
COALspot.com: In the past 3 years, seaborne thermal coal markets have been in a state of constant oversupply.
Reuters expects this oversupply ...
Friday, 01 August 14
U.S PRODUCED 19.4 MMST OF COAL IN A WEEK, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Thursday, 31 July 14
CAPESIZE: CARGO VOLUMES, COAL IN PARTICULAR, PRESENTLY NOT SUFFICIENT TO EMPLOY A GROWING FLEET - FERNLEYS
Handy
Both the Atlantic and Pacific has improved in the supramax segment over the last week, said Fernleys in Its latest weekly report . There we ...
Thursday, 31 July 14
RIO TINTO SELLS MOZAMBIQUE COAL ASSETS FOR US$ 50 MILLION TO INDIA'S ICVL
COALspot.com: Rio Tinto has agreed to sell its Mozambique coal assets for just US$ 50 million to International coal ventures Private limited of Ind ...
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- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Planning Commission, India
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
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