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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, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
Monday, 28 July 14
Q3' 14, SUB-BIT FOB INDONESIA COAL SWAP GAINED $ 0.08 DAY ON DAY AND $ 0.68 WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 increased by just US$ 0.08 day on day and US$ 0.68 week on week. The swap was lost U ...
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Showing 3571 to 3575 news of total 6871 |
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- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
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