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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
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