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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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Tuesday, 20 December 16
TURNAROUND IN CHINESE ECONOMY HAS INTENSIFIED RECENTLY, SAYS COMMODORE RESEARCH
According to the most recent Weekly China Report published by Commodore Research, it has remained encouraging that the turnaround in China’s ...
Monday, 19 December 16
U.S. WEEKLY COAL PRODUCTION DOWN 3.1% PERCENT WEEK ON WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Monday, 19 December 16
THE FREIGHT MARKET WAS CONTINUING TO SOFTEN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continually decline this past week and ending on a negati ...
Thursday, 15 December 16
SUPRAMAXES ARE ACHIEVING AROUND HIGH USD 7K FOR INDO/CHINA COAL ROUNDS - FEARNLEY
Supramax
Pacific has been relatively quiet this week, with some softening signs.
Supramaxes are achieving around high USD 7k for Indo/China ...
Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
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- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- VISA Power Limited - India
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- The University of Queensland
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
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