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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, 16 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
Wake me up when September ends - Theodore Ntalakos
Since last September most thought that the worst was behind us. It looks like the market de ...
Tuesday, 15 July 14
INDONESIA'S TOTAL COAL PRODUCTION REACHED ANOTHER HIGH DURING THE FIRST SIX MONTHS; GOVERNMENT EXPECTED TO RAISE ROYALTIES
COALspot.com: Indonesia's total coal production reached 213 million tons during January through June, up by 7.6 percent y-o-y. Coal output in I ...
Monday, 14 July 14
THE END OF THE ERA OF HEAVY FUEL OIL IN MARITIME SHIPPING - ICCT
KNOWLEDGE TO ELEVATE
Since the 1960s, heavy fuel oil (HFO) has been the king of marine fuels. Viscous, dirty, yet inexpensive and widely avail ...
Monday, 14 July 14
SGX SUB-BIT FOB INDONESIA COAL SWAP FOR Q4' 14 DELIVERY CLOSED AT $ 54.80
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 14 July 14
SGX CFR SOUTH CHINA COAL SWAP FOR Q3' 14 LOST 17.29% SINCE EARLY JANUARY 2014
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. API 8 CFR South China Coal swap for delivery in Q3 drops U ...
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- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- London Commodity Brokers - England
- The University of Queensland
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
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