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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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Thursday, 28 August 14
PANAMAX: OWNERS CAN GET AROUND USD 16000 FOR A FRONTHAUL; PERIOD MARKET - VERY QUIET - FEARNLEYS
Handy
The activity and sentiment is improving in the Atlantic with the general TA rate is up about US$ 800 w-o-w. We see more South American carg ...
Thursday, 28 August 14
BANPU REPORTS HIGHER FIRST-HALF YEAR RESULTS FOR 2014
COALspot.com: Banpu Public Company Limited (BANPU) reports higher first half-year financial results for 2014 having its gross profit increasing 3 p ...
Wednesday, 27 August 14
FREIGHT MARKET: IS THE MARKET IN A RECOVERY MOOD? - GEORGE ILIOPOULOS
Is the market in a recovery mood?
August is typically a time when the shipping industry takes it easy… charter-ers book their requireme ...
Tuesday, 26 August 14
4TH ANNUAL ASIA NICKEL
4th Annual Asia Nickel
19-20 Nov 2014
Grand Hyatt Jakarta, Indonesia
Web Site
Asia’s Premier Nickel Conference
Regulation in ...
Tuesday, 26 August 14
DESPITE LOW DRY BULK RATES, BULKER PRICES ARE STILL HIGH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, August tends to be a month of slow activity in the sale and purchasing market and this year has been no exception. However, as shipb ...
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- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- The University of Queensland
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
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