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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, 09 January 14
THE SHIPPING MARKET IN 2013 AND LOOKING FORWARD GLOBAL ECONOMY: STEADY AS SHE GOES UPWARDS - BIMCO
Over the past year, developed economies have gained traction while developing and emerging economies have suffered from slower growth. Despite key e ...
Wednesday, 08 January 14
DRY BULK MARKET PROSPECTS LOOKING BRIGHTER DESPITE SLOW START TO THE NEW YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the fact that the dry bulk market's benchmark, the BDI has been on a fall since the start of 2014, ending yesterday's session down to 1,87 ...
Wednesday, 08 January 14
AUSTRALIAN NEWCASTLE PORT'S WEEKLY COAL EXPORTS FALL
COALspot.com: In the week ended January 6, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.27 m ...
Wednesday, 08 January 14
THE DRY BULK MARKET HAS LOST SOME OF ITS STEAM THESE PAST COUPLE OF DAYS: INTERMODAL
Chartering (Wet: Softer- / Dry: Softer- )
The Dry Bulk market has lost some of its steam these past couple of days although hires, espe ...
Wednesday, 08 January 14
SHIPPING: THE ABSOLUTE BOTTOM OF THE CYCLE WAS REACHED AND PASSED - GEORGE LAZARIDIS
COALspot.com: To many in the industry 2013 has been the turning point in the market where the absolute bottom of the cycle was reached and passed.
...
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- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- MS Steel International - UAE
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
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