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Wednesday, 21 December 16
THE SUPREME COURT DECISION IN OW BUNKERS - WHEN A SALE OF GOODS IS NOT A SALE OF GOODS - LEON ALEXANDER, CLYDE&CO
KNOWLEDGE TO ELEVATE
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans".
The brief facts were that one OW entity had contracted to supply a vessel with bunkers but the actual physical supply had been sub-contracted to a Rosneft entity. The contract between Rosneft and OW gave OW 30 day credit terms and included a retention of title clause ("ROT"), i.e. a clause which said that title in the bunkers would stay with Rosneft until payment was received from OW.
OW entered liquidation and did not pay Rosneft even though the bunkers had been supplied to the vessel which proceeded to burn them. As it was concerned about having to pay twice, the vessel sought a declaration that it did not have to pay OW.
A key question the Supreme Court considered was whether a bunker supply contract on credit terms was a contract for the sale of goods pursuant to the Sale of Goods Act 1979.
The Court ruled that it was not a sale of goods. Instead the Court found that it was a unique agreement pursuant to which the purchaser bought the right to consume the bunkers prior to payment.
Practically, this meant that the ROT was meaningless and OW, as contractual supplier to the vessel, was entitled to receive payment for the bunkers.
The Supreme Court's decision came as a surprise to most in the industry who had thought that they were selling goods when they "sold" bunkers. It remains to be seen whether other goods which are sold on the understanding that they will be consumed, on-sold or manufactured prior to payment will not be a sale of goods.
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- MS Steel International - UAE
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
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