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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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Tuesday, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
Sunday, 09 April 23
CHINA’S BUSINESS INCOME REBOUND POINTS TO IMPROVING ECONOMY: OFFICIAL - XINHUA
Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
...
Sunday, 09 April 23
COAL INDIA TO BOOST SUPPLIES TO INDUSTRIES AS UTILITIES’ INVENTORIES RISE - REUTERS
Coal India Ltd will increase supplies to industries, the world’s largest coal miner said on Wednesday as fuel inventories at utilities run by ...
Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourag ...
Sunday, 26 March 23
EUROPE’S RUSH TO LNG COULD TURN INTO 'WORLD’S MOST EXPENSIVE AND UNNECESSARY INSURANCE POLICY'- CNBC
Europe’s rapid buildout of liquefied natural gas infrastructure is on track to far exceed demand by the end of the decade, according to new r ...
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- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Mercator Lines Limited - India
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