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Friday, 22 August 14
ARBITRATION CLAUSE IN LOU HELD TO REPLACE CHARTERPARTY ARBITRATION CLAUSE
 KNOWLEDGE TO ELEVATE
The Claimants had claims for cargo damage against the vessel Owners arising under four bills of lading. The vessel was the subject of a chain of three charterparties. The head and sub-charter provided for London Arbitration (two arbitrators unless a sole could be agreed), and the LMAA Small Claims Procedure for claims under US$100,000. The sub-sub-charter provided for Singapore Arbitration.
Owners’ P&I Club provided an LOU to the Claimants as security for their claims. The LOU provided for London Arbitration before a three-man Tribunal, stating in part: “we confirm that the Ship Owners agree that the above mentioned claims shall be subject to London Arbitration … and English Law to apply … and for each party to nominate its own arbitrator and the two so appointed may appoint a third”.
The Claimants commenced arbitration under the terms of the LOU, and Owners challenged the Tribunal’s jurisdiction. Owners argued that the arbitration clause in the head charter was incorporated into the bills of lading and that this remained intact, despite the provisions of the LOU. This included the use of the Small Claims Procedure. Owners said that the appointed Tribunal had no jurisdiction over claims which would inevitably be less than US$100,000.
The Court held that the arbitration provision in the LOU replaced the charterparty arbitration clauses. The Claimants had validly commenced arbitration and the Tribunal as appointed had jurisdiction.
The key question was whether the parties had intended the provisions of the LOU to replace the original arbitration provisions wholesale, or merely to vary them in limited respects but leaving them in force. The arbitration clause in the LOU was comprehensive and able to operate as a free standing agreement. Further, there was no reason in principle why the terms of the LOU should not operate as a complete replacement.
The Court identified “compelling reasons” supporting the parties’ intention that this should be the outcome. A particular focus was placed on certainty. Having an arbitration agreement located partly in an LOU and partly in a charterparty would be a “recipe for confusion”, especially where, as here, there was scope for disagreement as to which of the charterparty arbitration clauses would apply. The possibility of such disagreement was removed by the LOU.
This case highlights the importance of considering carefully whether the provisions of any binding documents, such as LOUs, will vary or even supersede the provisions of existing contracts. The court will consider all such documents in context, and in the light of common business sense. The parties’ intentions do not have to be explicitly set down in documents or correspondence for the court to make findings, in light of all the circumstances, as to what those intentions were.
Finally, it is interesting to note the Court’s comments, at the beginning of the judgment that it is difficult to see that the parties’ costs were well spent, where the amounts in dispute were modest and there was no dispute that the claims ought to be arbitrated. The Court noted that, in fact, Owners appeared to be seeking to knock out the claims on a technical point, because any new arbitration would be time barred, albeit it accepted that this was something which Owners were entitled to do.
Source: Reed Smith
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Tuesday, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
Sunday, 09 April 23
CHINA’S BUSINESS INCOME REBOUND POINTS TO IMPROVING ECONOMY: OFFICIAL - XINHUA
Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
...
Sunday, 09 April 23
COAL INDIA TO BOOST SUPPLIES TO INDUSTRIES AS UTILITIES’ INVENTORIES RISE - REUTERS
Coal India Ltd will increase supplies to industries, the world’s largest coal miner said on Wednesday as fuel inventories at utilities run by ...
Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourag ...
Sunday, 26 March 23
EUROPE’S RUSH TO LNG COULD TURN INTO 'WORLD’S MOST EXPENSIVE AND UNNECESSARY INSURANCE POLICY'- CNBC
Europe’s rapid buildout of liquefied natural gas infrastructure is on track to far exceed demand by the end of the decade, according to new r ...
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- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Planning Commission, India
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- White Energy Company Limited
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- VISA Power Limited - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
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