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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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Monday, 25 August 14
API 8 CFR SOUTH CHINA COAL SWAP GAINED DAY OVER DAY AND MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.30 (+0.44%) day on day and decreased US$ 0.20 (- ...
Sunday, 24 August 14
SEA FREIGHT MARKETS STARTING TO LOOK POSITIVE; CAPES DRIVE FREIGHTS HIGHER
COALspot.com: The freight market has strengthen further this week with BDI up 7.19 pct week on week. The BDI was closed at 1,088 points while the B ...
Friday, 22 August 14
INDIAN IRON ORE ROYALTY RISE NOT LIKELY TO HURT STEELMAKERS' MARGINS - FITCH
Fitch Ratings does not expect an increase in India's iron ore royalty rates to have a major impact on the profitability of steel producers in t ...
Friday, 22 August 14
ICAP ENERGY LAUNCHES GLOBAL COKING COAL DERIVATIVES TRADING
First contract completed and cleared on CME
COALspot.com: ICAP Energy, the energy business of ICAP plc, announces today that it has successful ...
Friday, 22 August 14
U.S WEEKLY COAL PRODUCTION UP 2.4% WEEK OVER WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.60 million short tons (mmst) of coal in ...
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- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- PTC India Limited - India
- Renaissance Capital - South Africa
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Goldman Sachs - Singapore
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