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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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- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
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