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Wednesday, 21 December 16
THE SUPREME COURT DECISION IN OW BUNKERS - WHEN A SALE OF GOODS IS NOT A SALE OF GOODS - LEON ALEXANDER, CLYDE&CO
 KNOWLEDGE TO ELEVATE
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans".
The brief facts were that one OW entity had contracted to supply a vessel with bunkers but the actual physical supply had been sub-contracted to a Rosneft entity. The contract between Rosneft and OW gave OW 30 day credit terms and included a retention of title clause ("ROT"), i.e. a clause which said that title in the bunkers would stay with Rosneft until payment was received from OW.
OW entered liquidation and did not pay Rosneft even though the bunkers had been supplied to the vessel which proceeded to burn them. As it was concerned about having to pay twice, the vessel sought a declaration that it did not have to pay OW.
A key question the Supreme Court considered was whether a bunker supply contract on credit terms was a contract for the sale of goods pursuant to the Sale of Goods Act 1979.
The Court ruled that it was not a sale of goods. Instead the Court found that it was a unique agreement pursuant to which the purchaser bought the right to consume the bunkers prior to payment.
Practically, this meant that the ROT was meaningless and OW, as contractual supplier to the vessel, was entitled to receive payment for the bunkers.
The Supreme Court's decision came as a surprise to most in the industry who had thought that they were selling goods when they "sold" bunkers. It remains to be seen whether other goods which are sold on the understanding that they will be consumed, on-sold or manufactured prior to payment will not be a sale of goods.
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Monday, 26 December 16
DO THE DERIVATIVES MARKETS MAKE COAL PRICES MORE VOLATILE? 59.21% SAY YES, POLL
COALspot.com: The substantial increase or decrease in coal prices within a short period of time has been supported by a number of fundamental drive ...
Friday, 23 December 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 711.1 MMST; DOWN 18.5% Y/Y - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 22 December 16
INDONESIA LACK OF EXPORT TO INDIA THIS WEEK - FERNLEYS
Supramax
While the Atlantic is keeping up with rates, the Pacific has been weaker says Astrup Fernley.
According to Astrup Fernley, backhaul ...
Wednesday, 21 December 16
CLEANING THE OCEANS FROM PLASTIC - SOPHIE COTZIAS
2016 is coming to a close and it finds us in preparation for the 2017 enforcement of the Ballast Water Treatment Systems. We naturally are in thoug ...
Tuesday, 20 December 16
TRADE HAS FELT ITS BUMPS AND SHAKES THIS YEAR - GEORGE LAZARIDIS
Trade has felt its bumps and shakes this year, as growing populist protectionist and nationalist movements in the Western world start to take hold. ...
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- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
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