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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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Planning Commission, India
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Australian Coal Association
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- The University of Queensland
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- MS Steel International - UAE
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
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