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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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Thursday, 01 December 16
OIL PRICES MAY SEE LITTLE GROWTH BEFORE 2018, FITCH RATINGS SAYS
High inventories and the potential for US shale production to respond quickly to any market tightening mean oil prices may flat line in 2017 before ...
Thursday, 01 December 16
CHINA 2017 OIL, GAS OUTPUT DROP MAY WORSEN ON CAPEX CUT: FITCH
China's oil and gas production may shrink even more in 2017 than in 2016 after the country's leading oil companies cut exploration and prod ...
Thursday, 01 December 16
ANOTHER WONDERFUL WEEK FOR PANAMAX - FEARNLEY
Supramax
A slower start to the week in the Pacific compared to last Trips from N. China to S. China is paying in the range of low USD 5k, while I ...
Tuesday, 29 November 16
AUSTRALIA'S PORT OF NEWCASTLE SHIPPED 13.08 MT OF COAL IN OCTOBER; DOWN 10.39% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,124.7 Mi ...
Tuesday, 29 November 16
US WEEKLY COAL OUTPUT TOTALS 17.2 MMST, UP 2.8% : EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17.2 million short ton ...
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- Price Waterhouse Coopers - Russia
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- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
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- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
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- Parliament of New Zealand
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- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
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- Minerals Council of Australia
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- Renaissance Capital - South Africa
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- Baramulti Group, Indonesia
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- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
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- Metalloyd Limited - United Kingdom
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- International Coal Ventures Pvt Ltd - India
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- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- ICICI Bank Limited - India
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- Siam City Cement PLC, Thailand
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- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
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- Independent Power Producers Association of India
- The University of Queensland
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- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
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- Jindal Steel & Power Ltd - India
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- PowerSource Philippines DevCo
- Planning Commission, India
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- Wood Mackenzie - Singapore
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- Energy Link Ltd, New Zealand
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- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
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- Ambuja Cements Ltd - India
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- Bukit Makmur.PT - Indonesia
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