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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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Monday, 09 December 13
SUB-BIT INDONESIA COAL SWAP FOR Q3' 14 DELIVERY CLOSED $ 0.57 LESSER THAN Q1 CLOSING
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’ 14 delivery gained $ 1.49 pmt month on month on Friday 6 Decembe ...
Sunday, 08 December 13
SOUTH CHINA COAL SWAPS SHOW A DECLINE TREND IN Q2 & Q3' 14
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 6.76 percept month on month as on Friday 6 December 2013. T ...
Sunday, 08 December 13
RBCT SHIPPED 63.446 MMT OF COALS YTD
COALspot.com - Richards Bay Coal Terminal (RBCT), the world's single largest coal terminal has shipped 63,446,232 mt of coals YTD, according to por ...
Saturday, 07 December 13
SUPRAMAX SHIPS FOR EC INDIA TO CHINA ROUTE BEING FIXED AT AROUND US$ 13K - SOLYM
COALspot.com: The freight market continued to be firm due to high Iron ore demand. The cape index was up by almost 25 pct this week. The grain seaso ...
Saturday, 07 December 13
A RARE TIME IN RECENT SHIPPING MARKET HISTORY: BOTH DRY BULK AND VLCC TANKER EARNINGS ARE ON THE RISE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Around this time of year, back in 2008, i.e. five years ago, the shipping markets were plagued with the aftermath of the global financial crisis tha ...
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- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Australian Coal Association
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
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