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