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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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- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Australian Coal Association
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Planning Commission, India
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
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