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Saturday, 07 June 14
FIRST BITE AT ANTI-CORRUPTION CLAUSE - BIMCO
 In recent years a number of countries have introduced anti-corruption legislation which, unfortunately, fails to recognise the practical implications for day-to-day trading activities in the shipping industry. The main problem facing owners and operators comes from demands by port and other local officials for “facilitation payments” before they will undertake or complete a particular task, such as ship clearance or providing pilotage services. If the Master refuses to make the “facilitation payment” (which may be cash, cigarettes or alcohol), the ship may be delayed or the owners could be fined for alleged regulatory or criminal breaches. On the other hand, if the Master gives in under commercial pressure and makes a payment, he and the owners may face criminal prosecution from authorities in the vessel’s flag state or country of domicile if they have zero-tolerance anti-corruption legislation.
Dealing with bribery and corruption in a charter party context is a challenging task. It has been argued that facilitation payments are more the result of blackmail than being a bribe in the conventional sense to gain commercial advantage. Unfortunately, legislation currently in force does not make such a distinction. This creates potential pitfalls for the unwary when drafting contractual clauses to demonstrate a business’s commitment to preventing corruption.
A number of rather onerous clauses have been seen in the market which place owners and operators between a rock and a hard place when trying to comply with strict anti-corruption legislation while fulfilling their commercial obligations. To counter these clauses and provide the industry with a more balanced a workable solution, BIMCO has gathered together representatives of owners, charterers and legal advisers to develop a charter party clause for voyage and time charters that specifically addresses the facilitation payment issue.
At a meeting at the UK Chamber of Shipping on 2 June the group began its task of formulating a new clause setting out the obligation to comply with applicable anti-corruption legislation alongside provisions establishing clear anti-corruption procedures. It is important that the owners and charterers work together to establish and agree procedures to determine whether a particular demand for a facilitation payment is legitimate or corrupt. If the demand is deemed to be corrupt, then the owners should not be penalised for any time lost as a result of refusing to pay the bribe, provided they have issued an appropriate note of protest.
According to Grant Hunter, Chief Officer for Legal and Contractual Affairs at BIMCO, “The clause must also deal with what happens if there is a breach of applicable anti-corruption legislation by one of the parties – most likely leading to the contract being terminated if the matter cannot be resolved within an agreed period of time. There is also the issue of an indemnity from the charterers if the owners suffer as a result of complying with charterers’ orders”.
All of these matters are currently under discussion by the Anti-Corruption Clause Sub-committee. A preliminary first draft has been produced and will be further reviewed by the sub-committee before being scrutinised by the full Documentary Committee in November. This is an important clause much needed by the industry and it will be published only after a thorough drafting and review process.
Source: BIMCO / Hellenic Shipping News
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Monday, 09 June 14
INDO SUB-BIT COAL SWAPS FOR Q3,Q4 OF 2014 AND Q1 2015: LOST ON DAY AND MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 continue last week’s trend or lost on day, week and on month according to Asia ...
Monday, 09 June 14
API 8 CFR SOUTH CHINA COAL SWAP Q3 14 DELIVERIES LOST 4.61% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 4.61 percent month on month and closed at US$ 71.62 per mt a ...
Sunday, 08 June 14
DRY BULK MARKET RATES FOR PANAMXES TO REMAIN VOLATILE; NO IMPROVEMENTS SEEN OVER THE WEEK
COALspot.com: Cape index increase pushes BDI index to 989 points week on week. The BDI firmed up by 5.88 pct and closed at 989 points week ended 6 ...
Saturday, 07 June 14
EVERYTHING CHANGES, AND NOTHING ABIDES - HERACLITUS
A couple of weeks ago, and while everyone was focusing on the struggling freight market, Russia and China made history by signing a three-decade lo ...
Saturday, 07 June 14
U.S. MONTHLY COAL PRODUCTION SLIGHTLY HIGHER IN MAY 2014
COALspot.com – United States the world's second largest coal producer, produced approximately 19.2 million short tons (mmst) of coal in a ...
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- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- MS Steel International - UAE
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
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