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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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Saturday, 25 March 23
COAL INDIA HAS STRONG CASE TO INCREASE PRICES, TALKS ON: CMD AGRAWAL - BUSINESS STANDARD
Coal India (CIL) Chairman and Managing Director Pramod Agrawal said on Monday there is a “strong case” for increasing coal prices, and ...
Saturday, 25 March 23
ASIAN CRUDE PALM OIL WATCH 1Q23 - FITCH RATINGS
Malaysian benchmark crude palm oil (CPO) spot prices have averaged around USD915 per tonne (t) so far in 1Q23, sharply lower than the average of ar ...
Saturday, 25 March 23
INDONESIA’S COAL EXPORT INCREASED BY 21.0% YOY TO 388.4 MLN T IN 2022 - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels. In the f ...
Saturday, 25 March 23
GLOBAL LNG-ASIA SPOT PRICES SLIP AS WEAK NORTHERN DEMAND REMAINS - REUTERS
Asian spot prices of liquefied natural gas (LNG) declined this week, falling to a 21-month low, as weak demand in the northeast Asia region continu ...
Wednesday, 22 March 23
OIL PRICE FALL SPECULATIVE, TO HIT $140 BY YEAR-END -ANDURAND: REUTERS
The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierr ...
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- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Siam City Cement - Thailand
- MS Steel International - UAE
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Australian Coal Association
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- The University of Queensland
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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