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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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- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- The University of Queensland
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- London Commodity Brokers - England
- The Treasury - Australian Government
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
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