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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, 13 July 14
PANAMAX INDEX GAINS SLIGHTLY THIS WEEK; CAPE INDEX FALLS ALMOST 21.40%
COALspot.com: This week the freight market fell again after gaining last week. The cape index was down almost 21.40 pct and closed at 1465 points.
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Friday, 11 July 14
EUROPE HAS A SUBSTANTIAL SURPLUS IN COAL SUPPLIES; RENEWABLE ENERGIES ARE REDUCING THE FULL-LOAD OPERATING HOURS OF HARD COAL-FIRED POWER PLANTS - VDKI
COALspot.com: General conditions for coal-fired power plants must be improved if the energy turnaround is to be a success, said German coal importe ...
Friday, 11 July 14
DR.CIESLIK RE-ELECTED AS CEO OF GERMAN COAL IMPORTER ASSOCIATION (VDKI)
Press Release : Dr Cieslik re-elected as CEO of German Coal Importer Association (VDKi) for the period 2014 – 2018. The German Coal Importer ...
Friday, 11 July 14
PORT OF NEWCASTLE SHIPPED $ 1.031 BILLION WORTH OF 11.744 MILLION TONS OF COAL IN JUNE 2014
COALspot.com: Port of Newcastle has shipped 11,744,396 tons of coal for the month ended 30 June 2014. According to Port’s monthly report, YTD ...
Friday, 11 July 14
UNITED STATE'S MONTHLY COAL OUTPUT FALLS 5.53% IN JUNE
COALspot.com – United States the world's second largest coal producer, produced approximately 18.1 million short tons (mmst) of coal in a ...
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Showing 3606 to 3610 news of total 6871 |
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- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
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