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Thursday, 06 February 14
INDONESIA'S BAN ON THE EXPORT OF RAW MINERAL ORES COMES INTO FORCE - INCE & CO
 COALspot.com: On 12 January 2014, the ban on the export of unprocessed mineral ores came into effect in Indonesia. This ban enforces the Mining Law passed five years ago in 2009, which mandates that mineral ores for export must be processed in-country from 12 January 2014.
It appears, however, that not all minerals are treated equally: it is reported that the law allows for different minimum processing requirements for different minerals before they can be exported.
Bauxite, nickel, tin, chromium, gold and silver are required to be fully processed or refined before export. Mineral ores that can be exported semi-processed or with only purification include copper, iron, lead and zinc.
The new law also seeks to regulate the export of minerals through a progressive tax. Higher export taxes will be imposed on minerals having lower levels of purification or processing, in order to encourage processing to be carried out in Indonesia rather than overseas.
It has also been reported that some 60-odd companies in Indonesia will still be allowed to continue to export unprocessed mineral ores.
However, until more details emerge or the regulation implementing the ban is publicly available, the exact parameters (for instance, the minimum level of purity required of each mineral before it can be exported) and impact of the ban, is uncertain.
Enforcement of the ban is another issue, considering the fact that it has been reported that Indonesia does not currently have the ability to process the mineral ores to the requisite purity levels for export. In context with the impact of the ban on Indonesia’s economy, this may mean that the ban is not ultimately as widely enforced as currently anticipated.
What this means for traders
This ban is likely to have an impact on trade contracts. In particular, traders will have to consider whether the Indonesian government’s new export restrictions fall within the provisions of their contracts dealing with force majeure situations. The extent to which traders will decide to utilise force majeure or other similar provisions like material adverse change clauses in their contracts would also depend on the prevailing market level: if traders are making a loss, they might be more likely to invoke such provisions to cancel their contracts or to excuse or suspend performance of their obligations under the contract.
Traders could also face shipment delays on liftings in Indonesia due to uncertainty in the level of processing required for mineral exports.
On the same note, traders (and charterers) may also face more claims from shipowners for demurrage and other costs as a result of vessels being delayed in departing from Indonesian ports. The potential of this increased risk was starkly illustrated by recent reports that a number of Chinese bulkers which had completed loading were detained at Indonesian ports in the lead up to the ban. We understand that these ships have since been allowed to depart. (Originally published on 22 January 2014)
By: John Simpson (Mr) & Maureen Poh (Ms)
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About Mr John Simpson:
John specialises in the handling of litigation, arbitration and alternative dispute resolution for his clients. John has experience of English litigation and of arbitration in London and Singapore, almost always relating to cross border disputes.
John is experienced in litigation in London and in arbitration under the rules of various arbitration bodies, including the SIAC, the ICC and the LCIA. John joined Ince & Co London in 1999, moving to Ince & Co Singapore in 2007. John has been a partner of Ince & Co since 2010.
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About Ms Maureen Poh
Maureen joined Ince & Co Singapore in 2013, having previously worked in Ince & Co's Shanghai office since 2011 . Her main areas of practice are dry shipping, and international trade and commodities.
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About Ince & Co
Ince & Co an international commercial law firm with offices in Beijing, Dubai, Hamburg, Hong Kong, Le Havre, London, Monaco, Paris, Piraeus, Shanghai and Singapore.
Ince & Co clients are range from major international corporations to smaller companies, sole traders and private individuals. Ince & Co practises English, French, German, Greek, Hong Kong and PRC law. http://www.incelaw.com
Views and opinions / conclusion expressed herein are personal views of the authors and not that of COALspot.com.
If you believe an article violates your rights or the rights of others, please contact us.
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Thursday, 06 February 14
PANAMAX: FAR EAST IS ALMOST ABSENT AND ATLANTIC ON SLOW STEAM
Handy
Due to ongoing Chinese New Year the market is still quiet. Slowly we can see some fresh coal cargos entering the market with second half Feb/ ...
Wednesday, 05 February 14
DRY BULK MARKET HAS LOST FURTHER GROUND THIS PAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market has lost further ground this past week as activity ex-Far East disappeared into the Chinese holidays and owners id ...
Wednesday, 05 February 14
MARKET INSIGHT - TASOS PAPADOPOULOS
KNOWLEDGE TO ELEVATE
COALspot.com: Let's take a break from market prospects, numbers, order book etc. and shed some light on the conclusions of ...
Tuesday, 04 February 14
NEWCASTLE PORT'S WEEKLY COAL EXPORTS HIT NEW HIGH OF 3.53 MMT
COALspot.com: In the week ended 3 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled ...
Monday, 03 February 14
SUB-BIT INDONESIA COAL SWAP GAINED WEEK ON WEEK
COALspot.com – Swaps prices gained for thermal coal loading from Indonesia, the world’s largest exporter of the fuel, according SGX.
...
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- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
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