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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, 23 July 14
HARD COAL 2013: THE WORLD'S SECOND-MOST IMPORTANT ENERGY SOURCE AND GUARANTOR FOR THE SECURITY OF ENERGY SUPPLIES DURING TIMES OF CRISIS
Hard coal is again in 2013 the fastest-growing fossil primary energy source in the world. As shown in the BP Statistical Review 2014, it covered ab ...
Tuesday, 22 July 14
INDONESIAN ELECTION RESULT ENCOURAGING FOR FOREIGN INVESTMENT IN ENERGY AND MINING SECTORS - WOOD MACKENZIE
Joko Widodo-Jusuf Kalla has been announced as the official winner of Indonesia's presidential election. Joko Widodo, or Jokowi, is viewed as a ...
Tuesday, 22 July 14
THE CURRENT COAL PRICES ARE UNPROFITABLE FOR MINERS; COAL PRICES WILL GRADUALLY INCREASE - FITCH
COALspot.com: The Fitch Ratings expect the benchmark Newcastle coal prices (currently at about USD70/MT) to gradually increase.
Fitch's la ...
Tuesday, 22 July 14
SUB-BIT FOB INDONESIA COAL Q3' 14 DOWN 5.21%; Q4' 14 DOWN 3.56%; Q1' 15 DOWN 4.75% M-O-M
COALspot.com: Indonesian coal swaps for average Q3’ 2014 flat on day, weak week on week and on month according to AsiaClear OTC coal swap' ...
Tuesday, 22 July 14
INDONESIA'S MINERAL EXPORT BAN: CHINA UNDER PRESSURE? - CLARKSONS
In January 2014, Indonesia introduced new regulations on exports of unprocessed minerals. Exports of some minerals have been heavily taxed, whilst ...
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- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
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