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Monday, 12 February 18
WORLDWIDE: 'DEMURRAGE CLAIMS' FOR THE PURPOSES OF DOCUMENTARY TIME BARS
 KNOWLEDGE TO ELEVATE
On 2 February 2018 the Commercial Court allowed an appeal from a decision of the Arbitration Tribunal in Lukoil Asia Pacific Pte Ltd v Ocean Tankers Pte Ltd.
The Judgment serves as a reminder to Owners to ensure that, if they have a claim for demurrage (no matter how it arises under the charter), as opposed to a claim for which any delay is compensated at the demurrage rate, they comply with any time bars in relation to demurrage claims.
The Claim
The question before the Court was whether a claim categorised as one for delay waiting for orders, was in fact a demurrage claim.
The clause under which the claim was brought provided:
Litasco Clause 4 – Waiting for Orders Clause
If Charterers require vessel to interrupt her voyage awaiting at anchorage further orders, such delay to be for Charterers’ account and shall count as laytime or demurrage, if vessel on demurrage. Drifting clause shall apply if the ship drifts.
Under Litasco Clause 2, claims for demurrage had to be presented to Charterers in writing within 90 days of completion of discharge. The clause included a list of supporting documents which were to be provided whenever possible.
Tribunal Decision
The Tribunal had already decided that the majority of the Owners’ claims for demurrage were time barred, but they treated the claim arising under Litasco Clause 4 as falling outside the scope of the time bar defence.
Judgment
The Judgment includes a discussion of the principles that Courts must adopt in relation to the construction of commercial documents. It distinguishes between clauses referring to time counting “… as laytime or demurrage, if vessel on demurrage”, and those, such as the BIMCO ISPS Clause and the Interim Port Clause in the Fixture Recap in this case, which referred to “any delay caused by such failure shall be compensated at the demurrage rate” and “…Charterers to pay for additional interim port at cost with additional steaming time, at demurrage rate“.
A distinction was therefore made between claims which are, in fact, demurrage claims, and those where the quantification of loss is at the demurrage rate. The decision emphasises that where different wording is used, it is to be “inferred that the parties have taken care with the language used”, and “the presumption [is] that where parties have used different language in different parts of their contract they intend to achieve a different effect”.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
Source: Reed Smith
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Wednesday, 14 February 18
HISTORY REPEATING ITSELF? - IEA
This month’s OMR is abbreviated to allow time for us to complete our annual five-year outlook that will be published in our report Oil 2018 o ...
Wednesday, 14 February 18
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
The second month of the year is traditionally a particularly interesting one for the shipping industry as a whole and even more importantly for the ...
Monday, 12 February 18
PANAMAX: WITH LIMITED FRESH ENQUIRY IN ALL AREAS, SPOT MARKET RATES DRIFTED LOWER THROUGHOUT THE WEEK - BALTIC BRIEFING
Capesize
A switch to the Atlantic with rates firming as charterers seemed keen to fix and tonnage was tight, prompting a recovery in rates. Trans ...
Saturday, 10 February 18
COAL INDIA ON PATH OF SUSTAINABLE PRODUCTION GROWTH AND SUPPLY TO POWER AND NON POWER SECTOR - PIB
Supply of 371.8 MT of Coal to Power Sector and 103.1 MT Coal to Non-Power Sector Achieved in 2017-18 Till January,2018 Average Rake Loading To The ...
Saturday, 10 February 18
OIL PRICE USD 100/BARREL BY END OF 2018! - SAROJ MOHAPATRA
All demand supplies calculations are going wrong in oil market at present. US production is increasing at a good pace and set to topple Saudi comfo ...
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Showing 1806 to 1810 news of total 6871 |
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- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Australian Coal Association
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
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