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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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Wednesday, 07 December 16
IT'S BEEN YET ANOTHER TURBULENT COUPLE OF DAYS..... - GEORGE LAZARIDIS
It’s been yet another turbulent couple of days, with a significant number of news headlines shaking up markets.
On Friday we had & ...
Monday, 05 December 16
INDIAN HYDROPOWER PRODUCTION AT LOWEST LEVEL SINCE 2012, SAYS COMMODORE RESEARCH
According to Commodore Research, the first eleven months of this year have seen India’s overall electricity production total approximately 1. ...
Monday, 05 December 16
THE DECEMBER 2016 HBA HITS TO ITS HIGHEST LEVEL SINCE MAY 2012
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2012. The government declared benchmark prices for Indo ...
Monday, 05 December 16
BALTIC PANAMAX INDEX UP 5.98%; BALTIC CAPE INDEX FELL 2.52% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally slightly continues this past week and ending on a s ...
Sunday, 04 December 16
U.S. WEEKLY COAL OUTPUT DECLINED 11.9% W/E 26 NOV; UP 1.4% Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million short ton ...
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- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- The University of Queensland
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
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