keeps you connected across the coal world

Submit Your Articles
We welcome article submissions from experts in the areas of coal, mining, shipping, etc.

To Submit your article please click here.

International Energy Events

WTI Crude Oil

BRENT Crude Oil

Search News
Latest CoalNews Headlines
Sunday, 05 January 20
In recent years the shipping industry has faced a significant number of bunker quality claims, most notably arising out of the so-called "Houston problem", where there were numerous complaints that contaminated fuel had caused engine problems, including sludge blocking fuel filters and the sticking and seizure of fuel injection components. In the most serious cases, there were reports of vessel blackouts and groundings. The global impact of shipping problems was also evident; whilst complaints regarding the "Houston problem" were originally concentrated around the US Gulf region, complaints regarding off-specification fuel quickly spread across the globe, including to Panama and Singapore. 
With the IMO 2020 sulphur cap now in force as of 1 January 2020, the shipping industry faces a new set of potential issues regarding bunker quality. Given that a significant number of vessels have not been fitted with exhaust gas cleaning systems or “scrubbers” (enabling the vessels to consume high sulphur fuels in compliance with the new limits in MARPOL Annex VI), there is increased demand for low sulphur fuel, and prices have risen accordingly.
However, concerns have been raised about the quality of some blends of low sulphur fuels, and in particular, the potential impact on vessels which may not have implemented comprehensive fuel management procedures to store and consume low sulphur fuel.
Owing to different fuel blends, the compositions and properties of low sulphur fuel on the market can vary widely. Experts have raised concerns about the level of catalytic fines (catfines) which can often be at relatively high levels in non-distillate low sulphur fuels, owing to the refining processes and blends with cutter stock to reduce sulphur content. If catfines levels are high and/or vessels do not have adequate purifiers in operation, then these small, hard particles can embed in soft metal surfaces in fuel pumps, injectors and cylinder lines in engines, and act as an abrasive, dramatically increasing the rate of wear of engine components, with the risk of wear beyond maximum limits occurring in weeks.  
Concerns have also been raised about the stability levels of blended low sulphur fuel, and the risk that asphaltene content may precipitate out of solution, causing the formation of sludge which can block engine filters and pipes, leading to the potential loss of power and propulsion.
There are also numerous potential issues which could arise with the enforcement of the lower sulphur limits in MARPOL Annex VI, which could result in legal claims. Potential claims could arise where the MARPOL bunker sample tests on specification, but other samples when tested, generate results which narrowly exceed the prescribed 0.50% m/m limit. From 1 March 2020, vessels without scrubbers will not be permitted to carry fuel over the 0.50% m/m limit, leading to potential enforcement action against such vessels and disputes between Owners and Charterers regarding any losses arising out of such enforcement action. Disputes may also arise where Port State Control obtain their own bunker samples from bunker tanks but these test off-specification due to high sulphur content. In such cases, a vessel may be detained and/or forced to debunker by the authorities.
Where there are complaints about bunker quality, a number of potential legal claims could arise between different parties concerned with the bunker supply. Disputes between Owners and Time Charterers concerning bunker quality regularly occur, and we expect that the impact of IMO 2020 will lead to an overall increase in the number of these disputes. There may also be an increase in the number of claims by bunker purchasers against bunker traders and suppliers, as well as claims by vessel Owners under H&M policies, if there is an increase in the number of reports of engine damage.
This article (the first in a two-part series) focuses on some the key legal issues that can arise under charterparties in relation to bunker quality claims.
Charterparty claims between Owners and Time Charterers concerning bunker quality
A. Charterers' obligations in respect of bunker quality
It is widely accepted that, in the absence of any special conditions, Time Charterers will be under an "absolute" obligation to provide bunkers that are of reasonable general quality and suitable for the type of engines on the vessel. In practice, most charterparties also include express requirements stipulating the grade and type of fuel to be supplied, referable to one of the recent ISO 8217 standards. Given the "absolute" obligation, Charterers will not be able to avoid liability for the supply of bad quality fuel to a vessel by contending they have used reputable suppliers; Charterers are under an obligation to ensure that all fuel bunkered is suitable for consumption by a reasonably well maintained vessel.
In any event, in the absence of express provisions, a vessel Owner could argue that Charterers are under an implied obligation to source bunkers which are "fit for the purpose intended". This is likely to have a degree of overlap with the requirement under clause 5.3 of ISO 8217 that fuel should be "free of any material that renders a fuel unacceptable for use in marine applications".
However, Charterers will not be obliged to meet any unusual requirements of the vessel's engines, unless those requirements have been brought to Charterers’ attention (generally through specifying in the charterparty any requirements that need to be met in terms of fuel).
One of the key issues that may arise concern with bunker fuel in 2020 is whether any engine damage suffered is primarily caused by poor quality fuel supplied by Charterers in breach of charterparty requirements, or primarily caused by factors that are Owners' responsibility; such as maintenance of the engines, or fuel management practices.
B. Bunker quality claims by Owners against Charterers
Claims for engine damage
In order to successfully advance a claim against Charterers for engine damage, Owners will need to overcome two key hurdles. Firstly, Owners will need to prove that Charterers supplied bunkers to the vessel which were in breach of their obligations in respect of bunker quality. Secondly, Owners will need to prove that the fuel supplied by Charterers caused the engine damage alleged.
Owners often experience difficulties discharging the burden of proof in relation to this second hurdle. Following notification of engine damage, Charterers may allege that the fuel supplied did not cause the engine problems alleged, or alternatively, Owners' management of the vessel (at least in part) contributed to the engine damage. Charterers, may for example, assert that bunkers supplied under a previous charterparty may have caused the damage alleged, Owners had not maintained the engine properly, incompatible fuels had been mixed (causing the bunkers to become unstable) or that Owners otherwise had improper fuel management procedures which caused, or contributed to, the engine damage.
When such disputes arise, the outcome will largely depend on the quality of the evidence, and in particular, whether a party is able to rely on evidence which supports their account of the damage. For this reason, it is important that if engine damage is alleged to have been the result of bad quality bunkers, that the evidence is gathered at an early stage – with surveyors inspecting the engine, samples of the fuel being taken, any damaged components being preserved for analysis, and all relevant documentary records (including but not limited to log books, alarm records, oil record books and maintenance records) concerning the vessel being retained. This evidence will need to be considered, together with the results of sample analysis.
If, following tests on samples, Owners are unable to identify a contaminant in the fuel supplied by Charterers, it will likely be difficult for Owners to discharge the burden of (i) showing that the fuel supplied was off-specification and (ii) that the fuel was the cause of the alleged engine damage.
A further defence that Charterers may seek to rely on in cases where it is determined that off-specification bunkers were supplied to a vessel is to assert that Owners are under a duty to mitigate their losses, and not to exacerbate any damage by continuing to burn bunkers. If the vessel continues to consume bunkers which Owners suspect to be contaminated, notwithstanding concerns about engine damage, then Charterers may be able to argue that any further damage suffered as a result of fuel consumption after initial concerns of damage became apparent are Owners' responsibility.
Claims where the fuel has not yet been consumed
If Owners have received test results indicating that the fuel supplied by Charterers is off-specification, and there are risks to the vessel in consuming such fuel, then Owners will be placed in a difficult position. As mentioned above, the burden will be on Owners to mitigate their losses. Whilst Owners can demand Charterers debunker off-specification fuel supplied to the vessel, and supply replacement bunkers, there is no guarantee that Charterers will comply with such a demand, particularly if the bunker supplier refuses to re-supply the vessel. Given the burden on Owners to mitigate their losses, it would also be worthwhile Owners establishing whether any options are available that would enable the fuel to be consumed safely (such as blending or incorporating additives to fuel). However, depending on the circumstances, if it is not possible for the vessel to safely consume the fuel, and Charterers have refused to debunker, it may prudent for Owners to carry out debunkering at first instance, and subsequently advance a claim against Charterers for any losses they incur.
Sampling and testing issues
The samples taken at the time of the bunker supply are of critical importance, given that testing of these samples can indicate whether the fuel supplied is off-specification or not (although some contaminants are only identifiable with advanced GC/MS testing). Moreover, the samples taken are key to the outcome of any subsequent bunker quality dispute. It is therefore important that Owners ensure that the samples taken are representative of the product supplied, with it being desirable for Owners to ensure that samples are taken at the vessel’s manifold by drip sample, rather than on the bunker barge. 
Results of different samples tested can vary, and this can give rise to the scope for dispute. In particular, in addition to the natural variation in test results, regrettably, the shipping industry has faced problems where unscrupulous bunker suppliers knowingly supply off-specification fuel to vessels, and attempt to mask this through providing false samples of the fuel supplied. The best way for Owners and operators to avoid the risk of this is to insist on fully witnessed sampling at the vessel manifold. This will greatly assist Owners in identifying and dealing with any bunker quality issues that could arise, and protect their position against Time Charterers (if Charterers supplied the fuel) or against bunker traders or suppliers (if Owners contracted with the bunker traders or suppliers directly).
IMO 2020 raises further issues regarding the fuel carried on vessels. With the 1 January 2020 implementation deadline having passed, the consumption of high sulphur fuel without a scrubber is prohibited. On 1 March 2020, vessels without scrubbers will no longer be able to carry non-compliant fuel. If a vessel does not have a scrubber, Owners will wish to ensure that any fuel supplied does not risk the vessel facing potential enforcement action, and that any residual high sulphur fuel in the vessel’s tanks does not push any fuel supplied above the 0.50% m/m limit.
Conclusions - considering possible future impacts
Whilst the key deadline of 1 January 2020 has passed, the full ramifications of the IMO 2020 sulphur cap have yet to be fully felt. In the coming weeks and months, the enforcement steps taken by States against non-compliant vessels will be witnessed. In addition, the shipping industry will be able to see whether the concerns regarding an increase in the consumption of low sulphur fuel will lead to an increase in reports of engine problems.
The key steps that vessel Owners and operators can take to protect their position regarding the supply of bunkers are to ensure that full and proper sampling takes place at the time of supply, and if any issues are later found to arise, to gather all evidence regarding the supply so as to assist in defending any enforcement action from States and to preserve any rights of recourse that may exist against the Time Charterers or bunker suppliers.
Written by Paul Collier

Part 2 of this series will consider the legal issues arising out of bunker supply contracts. 

Ik Wei Chong, Partner / Managing Director, Asia
Leon Alexander, Partner
Paul Collier, Senior Associate
About Clyde & Co
Clyde & Co is a dynamic, rapidly expanding global law firm focused on providing a complete legal service to clients in our core sectors. Clyde & Co advises businesses that are at the heart of worldwide commerce and trade. Clyde & Co combinations of sector expertise, commercial attitude and in-depth regional understanding provides a unique perspective.

If you believe an article violates your rights or the rights of others, please contact us.

Recent News

Thursday, 08 December 16
Fitch Ratings' sector and rating outlooks for the global mining industry in 2017 are both stable, reflecting Fitch's view that prices have ...

Thursday, 08 December 16
“WHAT ARE THE KEY FACTORS THAT MAY INFLUENCE WORLD'S COAL PRICES IN 2017?” The on-line opinion poll conducted by ...

Thursday, 08 December 16
Supramax Market remained firm - true mostly within Atlantic. Star performer USG remained its title, where Supras reached around USD 21k ...

Wednesday, 07 December 16
Looking back at my previous end-of-year insights, for the last seven years, in each and every one of them, I begin with something like “there ...

Wednesday, 07 December 16
U.S. Coal production in November 2016 was 70.7 million short tons (MMst), the third time this year monthly production exceeded 70 MMst, says EIA. ...

   281 282 283 284 285   
Showing 1411 to 1415 news of total 6094
News by Category
Popular News
Total Members : 27,094
User ID
Remember Me
By logging on you accept our TERMS OF USE.
Forgot Password
Our Members Are From ...

  • Mechel - Russia
  • Central Electricity Authority - India
  • PetroVietnam Power Coal Import and Supply Company
  • Shenhua Group - China
  • SMC Global Power, Philippines
  • The Treasury - Australian Government
  • Binh Thuan Hamico - Vietnam
  • Indonesia Power. PT
  • ICICI Bank Limited - India
  • Power Finance Corporation Ltd., India
  • The India Cements Ltd
  • Parry Sugars Refinery, India
  • Jorong Barutama Greston.PT - Indonesia
  • Meralco Power Generation, Philippines
  • EMO - The Netherlands
  • Credit Suisse - India
  • Cardiff University - UK
  • Mitra SK Pvt Ltd - India
  • Bhushan Steel Limited - India
  • Toyota Tsusho Corporation, Japan
  • Eastern Coal Council - USA
  • Ministry of Transport, Egypt
  • GB Group - China
  • Vedanta Resources Plc - India
  • Permata Bank - Indonesia
  • Antam Resourcindo - Indonesia
  • Kohat Cement Company Ltd. - Pakistan
  • SUEK AG - Indonesia
  • Cosco
  • Carbofer General Trading SA - India
  • Chettinad Cement Corporation Ltd - India
  • CESC Limited - India
  • Tanito Harum - Indonesia
  • Sinarmas Energy and Mining - Indonesia
  • Sucofindo - Indonesia
  • Altura Mining Limited, Indonesia
  • Bukit Makmur.PT - Indonesia
  • PTC India Limited - India
  • Independent Power Producers Association of India
  • Arutmin Indonesia
  • Central Java Power - Indonesia
  • Economic Council, Georgia
  • SGS (Thailand) Limited
  • GNFC Limited - India
  • Coal and Oil Company - UAE
  • Deloitte Consulting - India
  • IEA Clean Coal Centre - UK
  • WorleyParsons
  • Heidelberg Cement - Germany
  • Indorama - Singapore
  • Cigading International Bulk Terminal - Indonesia
  • Mitsubishi Corporation
  • Infraline Energy - India
  • Wilmar Investment Holdings
  • Mercator Lines Limited - India
  • ING Bank NV - Singapore
  • Core Mineral Indonesia
  • Panama Canal Authority
  • Singapore Mercantile Exchange
  • Coalindo Energy - Indonesia
  • Tata Power - India
  • Platts
  • Thailand Anthracite
  • Dong Bac Coal Mineral Investment Coporation - Vietnam
  • Iligan Light & Power Inc, Philippines
  • Thiess Contractors Indonesia
  • Banpu Public Company Limited - Thailand
  • UBS Singapore
  • Truba Alam Manunggal Engineering.Tbk - Indonesia
  • International Coal Ventures Pvt Ltd - India
  • NALCO India
  • Thermax Limited - India
  • Mjunction Services Limited - India
  • Kapuas Tunggal Persada - Indonesia
  • Mercuria Energy - Indonesia
  • Bank of China, Malaysia
  • Bhoruka Overseas - Indonesia
  • Mitsui
  • TRAFIGURA, South Korea
  • Ambuja Cements Ltd - India
  • Bukit Asam (Persero) Tbk - Indonesia
  • BRS Brokers - Singapore
  • Directorate General of MIneral and Coal - Indonesia
  • AsiaOL BioFuels Corp., Philippines
  • CoalTek, United States
  • Meenaskhi Energy Private Limited - India
  • PLN Batubara - Indonesia
  • Bank of America
  • Adani Power Ltd - India
  • Britmindo - Indonesia
  • World Bank
  • Kobexindo Tractors - Indoneisa
  • Bulk Trading Sa - Switzerland
  • SASOL - South Africa
  • Eastern Energy - Thailand
  • Xindia Steels Limited - India
  • Geoservices-GeoAssay Lab
  • Borneo Indobara - Indonesia
  • Vijayanagar Sugar Pvt Ltd - India
  • South Luzon Thermal Energy Corporation
  • Tata Chemicals Ltd - India
  • DBS Bank - Singapore
  • Bangladesh Power Developement Board
  • Russian Coal LLC
  • APGENCO India
  • Ministry of Finance - Indonesia
  • Clarksons - UK
  • Bhatia International Limited - India
  • MS Steel International - UAE
  • Metalloyd Limited - United Kingdom
  • Cebu Energy, Philippines
  • PLN - Indonesia
  • Globalindo Alam Lestari - Indonesia
  • Coal India Limited
  • Kalimantan Lumbung Energi - Indonesia
  • JPMorgan - India
  • Inco-Indonesia
  • Siam City Cement - Thailand
  • Parliament of New Zealand
  • Moodys - Singapore
  • Madhucon Powers Ltd - India
  • Rashtriya Ispat Nigam Limited - India
  • Rio Tinto Coal - Australia
  • Qatrana Cement - Jordan
  • Indonesian Coal Mining Association
  • World Coal - UK
  • Therma Luzon, Inc, Philippines
  • Oldendorff Carriers - Singapore
  • Kumho Petrochemical, South Korea
  • J M Baxi & Co - India
  • Indian Oil Corporation Limited
  • JPower - Japan
  • CIMB Investment Bank - Malaysia
  • Baramulti Group, Indonesia
  • Ernst & Young Pvt. Ltd.
  • Sical Logistics Limited - India
  • U S Energy Resources
  • PowerSource Philippines DevCo
  • Arch Coal - USA
  • Freeport Indonesia
  • Indogreen Group - Indonesia
  • Reliance Power - India
  • ETA - Dubai
  • Bukit Baiduri Energy - Indonesia
  • Wood Mackenzie - Singapore
  • Billiton Holdings Pty Ltd - Australia
  • Gresik Semen - Indonesia
  • Xstrata Coal
  • Petrochimia International Co. Ltd.- Taiwan
  • CNBM International Corporation - China
  • India Bulls Power Limited - India
  • Bharathi Cement Corporation - India
  • Samsung - South Korea
  • Kideco Jaya Agung - Indonesia
  • Barclays Capital - USA
  • Idemitsu - Japan
  • Aditya Birla Group - India
  • Karbindo Abesyapradhi - Indoneisa
  • Global Business Power Corporation, Philippines
  • Semirara Mining Corp, Philippines
  • GAC Shipping (India) Pvt Ltd
  • Straits Asia Resources Limited - Singapore
  • Maersk Broker
  • Kobe Steel Ltd - Japan
  • Formosa Plastics Group - Taiwan
  • Ind-Barath Power Infra Limited - India
  • Romanian Commodities Exchange
  • Merrill Lynch Bank
  • Sindya Power Generating Company Private Ltd
  • Goldman Sachs - Singapore
  • Merrill Lynch Commodities Europe
  • Ministry of Mines - Canada
  • Maruti Cements - India
  • Pinang Coal Indonesia
  • globalCOAL - UK
  • TeaM Sual Corporation - Philippines
  • VISA Power Limited - India
  • Jindal Steel & Power Ltd - India
  • Thriveni
  • Noble Europe Ltd - UK
  • IMC Shipping - Singapore
  • Intertek Mineral Services - Indonesia
  • Bangkok Bank PCL
  • Aboitiz Power Corporation - Philippines
  • Petron Corporation, Philippines
  • ANZ Bank - Australia
  • Enel Italy
  • Argus Media - Singapore
  • The University of Queensland
  • Videocon Industries ltd - India
  • Holcim Trading Pte Ltd - Singapore
  • TNB Fuel Sdn Bhd - Malaysia
  • Renaissance Capital - South Africa
  • Sarangani Energy Corporation, Philippines
  • Trasteel International SA, Italy
  • OCBC - Singapore
  • Coaltrans Conferences
  • Coeclerici Indonesia
  • Tamil Nadu electricity Board
  • TANGEDCO India
  • San Jose City I Power Corp, Philippines
  • CCIC - Indonesia
  • Semirara Mining and Power Corporation, Philippines
  • KEPCO - South Korea
  • KOWEPO - South Korea
  • Essar Steel Hazira Ltd - India
  • Energy Development Corp, Philippines
  • IBC Asia (S) Pte Ltd
  • Planning Commission, India
  • SMG Consultants - Indonesia
  • Gujarat Mineral Development Corp Ltd - India
  • Riau Bara Harum - Indonesia
  • Asia Cement - Taiwan
  • Indian School of Mines
  • KPMG - USA
  • Coastal Gujarat Power Limited - India
  • McKinsey & Co - India
  • Cargill India Pvt Ltd
  • Dr Ramakrishna Prasad Power Pvt Ltd - India
  • Indika Energy - Indonesia
  • bp singapore
  • Latin American Coal - Colombia
  • Filglen & Citicon Mining (HK) Ltd - Hong Kong
  • Africa Commodities Group - South Africa
  • Platou - Singapore
  • Sakthi Sugars Limited - India
  • Total Coal South Africa
  • Marubeni Corporation - India
  • Peabody Energy - USA
  • Directorate Of Revenue Intelligence - India
  • Sree Jayajothi Cements Limited - India
  • Jaiprakash Power Ventures ltd
  • Malabar Cements Ltd - India
  • Asmin Koalindo Tuhup - Indonesia
  • GVK Power & Infra Limited - India
  • Bahari Cakrawala Sebuku - Indonesia
  • TNPL - India
  • Maybank - Singapore
  • KPCL - India
  • Deutsche Bank - India
  • McConnell Dowell - Australia
  • Global Coal Blending Company Limited - Australia
  • Alfred C Toepfer International GmbH - Germany
  • Australian Coal Association
  • BNP Paribas - Singapore
  • GHCL Limited - India
  • Bayan Resources Tbk. - Indonesia
  • Star Paper Mills Limited - India
  • Minerals Council of Australia
  • Australian Commodity Traders Exchange
  • Orica Australia Pty. Ltd.
  • Japan Coal Energy Center
  • Samtan Co., Ltd - South Korea
  • Bank of Tokyo Mitsubishi UFJ Ltd
  • Kartika Selabumi Mining - Indonesia
  • Leighton Contractors Pty Ltd - Australia
  • HSBC - Hong Kong
  • London Commodity Brokers - England
  • Ince & co LLP
  • Simpson Spence & Young - Indonesia
  • Shree Cement - India
  • Asian Development Bank
  • Georgia Ports Authority, United States
  • Petrosea - Indonesia
  • Dalmia Cement Bharat India
  • Makarim & Taira - Indonesia
  • PetroVietnam
  • Rudhra Energy - India
  • Vizag Seaport Private Limited - India
  • Sojitz Corporation - Japan
  • Electricity Generating Authority of Thailand
  • Salva Resources Pvt Ltd - India
  • Miang Besar Coal Terminal - Indonesia
  • Cemex - Philippines
  • Indo Tambangraya Megah - Indonesia
  • Coal Orbis AG
  • EIA - United States
  • Karaikal Port Pvt Ltd - India
  • Thai Mozambique Logistica
  • Global Green Power PLC Corporation, Philippines
  • Orica Mining Services - Indonesia
  • SN Aboitiz Power Inc, Philippines
  • Chamber of Mines of South Africa
  • NTPC Limited - India
  • Anglo American - United Kingdom
  • Runge Indonesia
  • Agrawal Coal Company - India
  • Medco Energi Mining Internasional
  • Adaro Indonesia
  • Interocean Group of Companies - India
  • Jatenergy - Australia
  • Offshore Bulk Terminal Pte Ltd, Singapore
  • Barasentosa Lestari - Indonesia
  • New Zealand Coal & Carbon
  • Maharashtra Electricity Regulatory Commission - India
  • European Bulk Services B.V. - Netherlands
  • Manunggal Multi Energi - Indonesia
  • Siam City Cement PLC, Thailand
  • Pendopo Energi Batubara - Indonesia
  • Posco Energy - South Korea
  • Berau Coal - Indonesia
  • Gupta Coal India Ltd
  • Inspectorate - India
  • SRK Consulting
  • UOB Asia (HK) Ltd
  • Mintek Dendrill Indonesia
  • Uttam Galva Steels Limited - India
  • The State Trading Corporation of India Ltd
  • Pipit Mutiara Jaya. PT, Indonesia
  • ASAPP Information Group - India
  • Gujarat Electricity Regulatory Commission - India
  • Attock Cement Pakistan Limited
  • LBH Netherlands Bv - Netherlands
  • OPG Power Generation Pvt Ltd - India
  • Gujarat Sidhee Cement - India
  • IHS Mccloskey Coal Group - USA
  • Ceylon Electricity Board - Sri Lanka
  • Vitol - Bahrain
  • Humpuss - Indonesia
  • Savvy Resources Ltd - HongKong
  • Krishnapatnam Port Company Ltd. - India
  • Fearnleys - India
  • Malco - India
  • Commonwealth Bank - Australia
  • GN Power Mariveles Coal Plant, Philippines
  • IOL Indonesia
  • White Energy Company Limited
  • PNOC Exploration Corporation - Philippines
  • MEC Coal - Indonesia
  • Thomson Reuters GRC
  • Glencore India Pvt. Ltd
  • Lafarge - France
  • Cement Manufacturers Association - India
  • Larsen & Toubro Limited - India
  • Lanco Infratech Ltd - India
  • Port Waratah Coal Services - Australia
  • Asia Pacific Energy Resources Ventures Inc, Philippines
  • GMR Energy Limited - India
  • Neyveli Lignite Corporation Ltd, - India
  • Standard Chartered Bank - UAE
  • Grasim Industreis Ltd - India
  • Surastha Cement
  • RBS Sempra - UK
  • Vale Mozambique
  • Timah Investasi Mineral - Indoneisa
  • Energy Link Ltd, New Zealand
  • Kepco SPC Power Corporation, Philippines
  • ACC Limited - India
  • Edison Trading Spa - Italy
  • Maheswari Brothers Coal Limited - India
  • Kaltim Prima Coal - Indonesia
  • Price Waterhouse Coopers - Russia