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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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Saturday, 25 March 23
COAL INDIA HAS STRONG CASE TO INCREASE PRICES, TALKS ON: CMD AGRAWAL - BUSINESS STANDARD
Coal India (CIL) Chairman and Managing Director Pramod Agrawal said on Monday there is a “strong case” for increasing coal prices, and ...
Saturday, 25 March 23
ASIAN CRUDE PALM OIL WATCH 1Q23 - FITCH RATINGS
Malaysian benchmark crude palm oil (CPO) spot prices have averaged around USD915 per tonne (t) so far in 1Q23, sharply lower than the average of ar ...
Saturday, 25 March 23
INDONESIA’S COAL EXPORT INCREASED BY 21.0% YOY TO 388.4 MLN T IN 2022 - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels. In the f ...
Saturday, 25 March 23
GLOBAL LNG-ASIA SPOT PRICES SLIP AS WEAK NORTHERN DEMAND REMAINS - REUTERS
Asian spot prices of liquefied natural gas (LNG) declined this week, falling to a 21-month low, as weak demand in the northeast Asia region continu ...
Wednesday, 22 March 23
OIL PRICE FALL SPECULATIVE, TO HIT $140 BY YEAR-END -ANDURAND: REUTERS
The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierr ...
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- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
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