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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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Thursday, 20 November 14
HANDY: INDO ROUNDS ARE BEING FIXED IN REGION OF US$ 10K - FEARNLEYS
Handy
In the Atlantic we have experienced firmer rates this week much lead by the grain activity out of USG. Vsls open in the USG can achieve in ...
Thursday, 20 November 14
DEMAND FOR DRY BULK CARRIERS INCREASES ON THE BACK OF HEIGHTENED FREIGHT RATE MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners are looking to take advantage of favorable market conditions through the acquisition of more dry bulk carriers. According to shipbroker ...
Wednesday, 19 November 14
INDONESIA FUEL-PRICE RISE A CLEAR, POSITIVE REFORM SIGNAL - FITCH
COALspot.com: Indonesia's hike of more than 30% in administered fuel prices, announced on 17 November, provides a clear, positive signal of the ...
Wednesday, 19 November 14
CAPES WERE UNDER PRESSURE; LOST 20% WITHIN A WEEK
COALspot.com: " The negative environment in which the week prior ended, marked this past week as well, which closed off on Friday noting the f ...
Wednesday, 19 November 14
SHIPPING MARKET INSIGHT - BY KATERINA RESTIS
The current Ebola outbreak in West Africa has been declared as a worldwide health emergency by the World Health Organization and has had a great im ...
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Showing 3361 to 3365 news of total 6871 |
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- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Planning Commission, India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
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