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Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
 KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or any other place for more than 28 days and therefore vessel’s speed, due to bottom fouling which may have formed to the ship’s hull as a direct result of such prolonged stay, is reduced and/or consumption increased. In case of need for underwater cleaning same to be for Charterer’s account in terms of time and expenses.”
Under the first charter, Owners contended that as a result of the high temperature of the sea water at the loadport, where the vessel had stayed for 48 days, the hull, propeller and rudder were fouled. An underwater inspection at the discharge port confirmed this. Owners informed Charterers that the fouling was due to the vessel’s prolonged stay at the loadport, for which Charterers should be held responsible.
Subsequently, the second charter was concluded in substantially the same terms as the first. No underwater cleaning was carried out between redelivery under the first charter and simultaneous redelivery into the second charter.
Owners claimed a balance of hire under both charters, plus sums in lieu of hold cleaning on redelivery under each charter and stevedore damage incurred during discharge under the second charter. Charterers argued that they were entitled to make deductions under both charters for under-performance and overconsumption.
The Tribunal found that bottom fouling did occur during the prolonged stay at the loadport under the first charter, and that this affected the vessel’s speed and consumption. This was supported by the fact that the vessel performed in accordance with the charter warranties on her voyage to that loadport. Under clause 128(1), Owners had no responsibility for the vessel’s failure to make her speed and consumption warranties, and so Charterers’ underperformance claim in respect of the first voyage failed.
As regards the second charter, Owners argued that Charterers had taken the vessel in direct continuation of the first charter, and thereby did not allow the hull to be cleaned after the vessel’s prolonged stay at the first loadport. Owners submitted that Charterers were estopped by their actions from claiming under-performance in respect of the second voyage.
The Tribunal rejected this argument. Owners were aware of the likelihood of hull fouling when the second charter was concluded, and had already written to Charterers in protest. Despite this, they fixed the vessel on identical terms. Owners therefore took the risk that the vessel may not be able to make her speed and performance warranties due to the hull fouling which occurred under the first charter. There was nothing in Charterers’ conduct to found an estoppel. They agreed the fixture on terms acceptable to Owners and took delivery of the vessel. Owners had to stand by the warranties they had given, and pay damages for any proven breach.
Charterers’ claim for under-performance under the second charter therefore succeeded, although the Tribunal reduced the amount to be deducted to take into account commission. Only part of the deduction for overconsumption was allowed, as some of the deductions made by Charterers in respect of the second voyage in fact related to underperformance and overconsumption the first voyage. Those claims failed for the same reason as the claims under the first charter.
Source: Reed Smith
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Wednesday, 26 November 14
OVERSUPPLY OF TONNAGE PUSHED PANAMAX SEGMENT DOWN FOR ANOTHER WEEK
COALspot.com: The Dry Bulk market managed to reverse its course from the week prior and with the sole exception of the Panamax segment, we witnesse ...
Wednesday, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
Tuesday, 25 November 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT $ 49.55
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week.
The Q1 swap has lost US$ 0.12 (-0.24%) ...
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- Maheswari Brothers Coal Limited - India
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- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
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- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
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- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
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- Therma Luzon, Inc, Philippines
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- The University of Queensland
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- Planning Commission, India
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- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
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- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
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- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
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- Australian Coal Association
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
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- Energy Development Corp, Philippines
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
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- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
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- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- PTC India Limited - India
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
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- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
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