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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, 26 August 14
GOVT ON TRACK TO LIMIT COAL OUTPUT - THE JAKARTA POST
The government has announced that it will proceed with plans to cap the production of coal next year, a move aimed not only at protecting the envir ...
Monday, 25 August 14
4TH ANNUAL FLOATING TERMINALS
4th Annual Floating Terminals
18-20 Nov 2014
Intercontinental Jakarta Midplaza,
Indonesia
Web Site
The Floating Terminal c ...
Monday, 25 August 14
THE BALTIC DRY IS JUMPING, BUT DON'T DRAW ANY BROAD CONCLUSIONS - NASDAQ
Those who consistently preach doom and gloom and see an economic apocalypse around every corner would make me laugh if it weren’t for the fac ...
Monday, 25 August 14
COAL CEOS: DEMISE OF COAL 'EXAGGERATED' - MARK WILCOX
By Mark Wilcox
Heads of some of the largest coal companies in Wyoming are saying the demise of coal has been exaggerated, though the industry def ...
Monday, 25 August 14
INDO COAL SWAPS W-O-W: NEGATIVE; M-O-M: POSITIVE
COALspot.com: Indonesian coal swaps for average September 2014 decreased US$ 0.15 (-0.28%) day on day and US$ 0.65 (-1.19%) per mt week on week. Th ...
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- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Australian Coal Association
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- VISA Power Limited - India
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
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