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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, 18 August 14
CFR SOUTH CHINA COAL SWAP PERFORMED WELL THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.45 (+0.66%) day on day and US$ 0.30 (+0.44%)&nbs ...
Saturday, 16 August 14
HIGH DEMAND OF IRON ORE SHIPMENTS PUSHED CAPE INDEX UPWARDS
COALspot.com: This week's freight market was buoyant with Cape and panamax index seeing a big jump pushing the BDI above 1,000 points week on c ...
Friday, 15 August 14
5TH ANNUAL POWER AND ELECTRICITY INDONESIA
5TH ANNUAL POWER AND ELECTRICITY INDONESIA
13-16 October 2014
Grand Hyatt Jakarta, Indonesia
Web Site
The country’s definitive ...
Thursday, 14 August 14
U.S. STEAM COAL IMPORTS REMAIN DOWN SHARPLY FROM HISTORIC HIGH IN 2007, SAYS EIA
COALspot.com: U.S. steam coal imports at power plants have fallen significantly from their peak level of more than 30 million tons in 2007 to less ...
Thursday, 14 August 14
INDIA'S PLAN TO START AN INFRASTRUCTURE BOOM AND TO INVEST US$ 1 TRILLION BY 2017 WILL SURELY AFFECT THE DRY BULK TRADE - FEARNLEYS
Handy
The Atlantic Supra market has continued its improving sentiment with rates climbing and TA´s are now up about US$ 900 w-o-w, said Fea ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- VISA Power Limited - India
- The Treasury - Australian Government
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- The University of Queensland
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
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