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Thursday, 08 May 14
'TRIAL BY MEDIA, TRIAL BY LAW' - A REPORT FROM TRACK 1 OF BIMCO'S ANNUAL CONFERENCE DUBAI 2014
 KNOWLEDGE TO ELEVATE
Aiming to bring a very different type of event into their annual conference, BIMCO presented ‘Double Jeopardy – ‘Trial by Media, Trial by Law*’, simulating a marine casualty and arbitration to delegates at the Jumeirah Beach Hotel, Dubai. A professional, innovative and creative production not only gave a realistic portrayal of the events following a maritime casualty but enabled the audience to participate with well posed questions by way of interactive voting meters.
Based on a true event, this realistic account of a maritime casualty was narrated by Lindsay East, Consultant, Reed Smith, London. The vessel ‘Idle Star’ having loaded with sugar in Thailand and heading to the discharge port, had grounded on a river bed on the West Coast of California in an area of natural beauty. While there were no human casualties, there was a significant bunker spill and with a fast flowing river the environmental implications to wildlife and the local community were huge.
As the story unfolded, the owner representative, played by John Tsatsas from London and the charterers representative played by Han van Blanken from Rotterdam, portrayed each stage from the initial Captain’s call. With the initial limited information, the chain of events were shown to unfold as the owner and charterer brought in assistance and sought advice from P&I, lawyers, classification society, hull and machinery insurers, local agents and representatives and demonstrated how the process evolved as more information became available, giving an overview of the practicalities involved in the process. The expert advice to the owner and charterer was provided by video clips of real practitioners in conversation with the two stage actors.
The casualty centred on whether the destination port was ‘safe’. It was known to have a low draft and underwater obstructions that shifted and were uncharted. The vessel therefore had to not only be of certain specification when laden but also the conditions of making the final part of the voyage through those water needed to be assessed with the latest information available to see if the port was suitable for discharge. The owners proceeded to complete the voyage and the vessel ran aground so who was liable? The Master for proceeding with the voyage despite concerns or the charterer for the choice of a difficult destination with the cargo in mind?
With neither the owner or charterer accepting liability and indeed blaming each other, this session focussed on two areas; media and how if not handled correctly incidents can become a media and public relations nightmare and legal arbitration, examining the legalities of the charter agreement and how this would be dealt with by the legal system.
The morning session focussed on ‘Trial by Media’ and with neither party having any crisis management or PR in place, the simulated public backlash of the environmentalists, shrimp farmers and the local community as pollution grew, quickly escalated without an appropriate, measured response. Julian Bray, Tradewinds Editor-in-chief portrayed the media, keen for a story, blame and clearly supporting the affected parties who were keen for compensation.
The clear message of the morning session was that handling media during such an incident is a serious matter and can easily spiral out of control. Media will always seek to sensationalise and exploit sensitive areas and it is very easy to say the wrong things however well intentioned. Advice was to be well prepared, seeking professional crisis management to enable you to get every step right and above all, be honest. By knowing the all facts, you can provide just enough factual information and slow the media frenzy down.
The afternoon session ‘Trial by Law’ consisted of a panel of three maritime arbitrators, presided by Jude Benny, from Singapore, Bruce Harris from London and Jack Warfield from New York.
The owner sought indemnity from the charterer and the case was to ascertain whether the port was unsafe, whether the charterer was in breach of the agreement by ordering the ship to go there and whether that caused the loss.
Chirag Karia, a QC from London, counsel for the owner, put forward a strong case after witness testimonies that the owner had expressed concerns to the charterer which has gone unresolved. There had been correspondence regarding the draft of the port and that the waters were uncharted and the charterer had been asked to arrange lightening and/or a harmless agreement to indemnify the owner from any losses should there be a problem. The charterer did not lighten and was confident there would be no issue with the voyage, however did not confirm any harmless agreement which the owner assumed from their conversations. He argued that by sending the vessel to its destination the charterers were sending the vessel to an unsafe port and the owners had been commercially pressured to continue.
Nevil Phillips a barrister from London, counsel for the charterer, argued the defence with regard to whether the port was safe at the time of nomination and that the owners had a responsibility to ensure the vessel was laden appropriately to ensure safe passage. The owners should have reduced the cargo and taken further action to avoid such an incident and the Master was negligent in not doing so, causing the vessel to ground. Ultimately it was the owner’s decision to continue with the voyage with the known risks and any negligence by the Master obliterates any question of safety.
The arbitrators retired to consider their findings, each from the perspective of their own jurisdictions, and the audience were able to vote on their own judgment, finding in favour of the owner. However on returning the arbitrators, giving three separate judgments found in favour of the charterer by two to one on the basis that the grounding was found to be in general down to the Master’s negligence. Jude Benny summing up said “There were sufficient red light warnings and with good seamanship this could have been avoided.”
There was a lively question and answer session to close the session and attendees found the day both enlightening and informative. The new style of interactive session proved popular with attendees and the final vote was to definitely repeat such an event next time.
Source: BIMCO / Hellenic Shipping
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Thursday, 31 July 14
RIO TINTO SELLS MOZAMBIQUE COAL ASSETS FOR US$ 50 MILLION TO INDIA'S ICVL
COALspot.com: Rio Tinto has agreed to sell its Mozambique coal assets for just US$ 50 million to International coal ventures Private limited of Ind ...
Wednesday, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
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Showing 3571 to 3575 news of total 6871 |
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- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- PTC India Limited - India
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- The University of Queensland
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
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