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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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Tuesday, 28 October 14
SGX'S FOB RICHARDS BAY COAL SWAP FOR DELIVERY Q1' 2015 CLOSED AT $ 68.07 ON 24 OCT
COALspot.com: API 4 FOB Richards Bay coal swap for Q4’ 2014 delivery decreased US$ 0.65 (-0.96%) month over month and increased US$ 1.79 (+2. ...
Tuesday, 28 October 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1' 15 DELIVERY CLOSED 3.68% LOWER MONTH ON MONTH
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week.
The swap has lost US ...
Monday, 27 October 14
GOVT PROMISES TO EASE LICENSING PROCEDURES IN MINING SECTOR - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to simplify the complicated licensing procedures i ...
Monday, 27 October 14
FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED $ 0.10 LESSER THAN Q4' 14 CLOSING OF $ 53.27 PMT
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.43 (-2.61%) month over month and increased US$ 0.05 (+0.09% ...
Monday, 27 October 14
CFR SOUTH CHINA COAL SWAPS PERFORMED POSITIVE THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 1.68 (-2.55%) month over month and increased US$ 0.87 (+1.3 ...
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Showing 3406 to 3410 news of total 6871 |
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- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
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