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