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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, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Australian Coal Association
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Planning Commission, India
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
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