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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, 21 August 14
PREDICTIONS FROM VARIOUS SHIPPERS AND MINING INDUSTRY FOR 2ND HALF YEAR AND ESPECIALLY Q4 IS POSITIVE
Handy
The activity has increased in both hemispheres this week and we see rates edging up on all trades. TA´s are now paying around 8k whic ...
Thursday, 21 August 14
SHIP OWNERS KEEP SHYING AWAY FOR NEW SHIP INVESTMENTS, OVERALL TREND IS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have remained in the sidelines of the Sale & Purchasing market for second hand vessels, during most of August, while they also slow ...
Wednesday, 20 August 14
DRY BULK MARKET TO REBOUND IN THE FOURTH QUARTER, OR NOT....- NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The projected rebound of the dry bulk market is still an elusive trend and shipbrokers and analysts are looking to identify the timing of the loomi ...
Monday, 18 August 14
CAPESIZE RATES TO RISE TO MUCH HIGHER LEVELS THIS YEAR - JEFFREY LANDSBERG
COALspot.com: Capesize rates ended last week at $15,561/day, which marked a week-on-week increase of $6,167 (66%). Capesize rates have been a ...
Monday, 18 August 14
SUB-BIT FOB INDONESIA COAL SWAP CLOSED AT $58.60 FOR SEPTEMBER 2015; UP $4 FROM SEPTEMBER 2014 CLOSING
COALspot.com: Indonesian coal swaps for average September 2014 decreased US$ 0.15 (-0.27%) day on day and US$ 0.75 (-1.36%) per mt week on week. Th ...
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- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Australian Coal Association
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
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