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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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Wednesday, 13 August 14
WEEKLY MARKET INSIGHT - KONSTANTINOS KONTOMICHIS SNP BROKER
Being at the peak of the holiday season, August is, as usual, the quietest month in terms of snp transactions, yet it is also a time very critical ...
Wednesday, 13 August 14
WHAT DOES PROJECT CARGO REALLY MEAN TO INSURERS?
KNOWLEDGE TO ELEVATE
Richard Kamppari-Baker, claims manager of FP Marine Risks, explains the challenges of project cargo risk assessment from ...
Wednesday, 13 August 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN CLOSE TO 57 MONTHS LOWS
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price in August. HBA for the month of A ...
Monday, 11 August 14
LARGEST CHINESE TRADE SURPLUS EVER RECORDED IN JULY - BIMCO
China recorded a trade surplus of USD 47.3 billion in July 2014. The record high surplus came on the back of very strong export growth while import ...
Monday, 11 August 14
INDONESIAN THERMAL COAL SWAPS SEEING SOME POSITIVE TREND
COALspot.com: Indonesian coal swaps for average September 2014 increased US$ 0.20 (+0.36%) day on day and US$ 1.30 (+2.41%) per mt week on week. Th ...
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- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- The University of Queensland
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
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