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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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Friday, 05 September 14
U.S. PRODUCED 19.2 MMST OF COAL LAST WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Thursday, 04 September 14
PUNJAB STATE POWER CORPORATION LIMITED OF INDIA HAS DECIDED TO BUY IMPORTED COAL - HINDUSTAN TIMES
COALspot.com: The Punjab State Power Corporation Limited (PSPCL) has decided to buy imported coal to run its thermal plants, as reported by Hindust ...
Thursday, 04 September 14
INDONESIAN COAL MINERS MAY GET MORE TIME ON ROYALTIES - FITCH RATINGS
COALspot.com: Fitch Ratings says that coal miners in Indonesia are likely to get more time to repay the government the royalties that were set off ...
Thursday, 04 September 14
INDONESIAN COAL SWAPS SLIDE THIS PAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.90 (-1.68%) day on day and US$ 1.80 (-3.31%) per mt week on week. The ...
Thursday, 04 September 14
CAPESIZE : SENTIMENT REMAINS POSITIVE FOR Q3/Q4 - FEARNRESEARCH
Handy
The Atlantic market has experienced more activity this week. Rates for TA´s are up about 8% w-o-w, much lead by an increasing number ...
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- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Parliament of New Zealand
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
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