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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, 17 January 23
CHINA'S SHANXI TARGETS 2023 COAL PRODUCTION OF NEARLY 1.37B TONS - XINHUA
China’s coal-rich province of Shanxi has set a coal production target of nearly 1.37 billion metric tons for 2023, according to a government ...
Tuesday, 17 January 23
MARKET INSIGHT - INTERMODAL
Rumor has it that the New Year has come, to set the pace in, for Russia to continue hostilities against Ukraine. Ten months on the go, into Russia& ...
Tuesday, 17 January 23
INDONESIA IS ACCOUNTING FOR 32.3% OF THE GLOBAL SEABORNE COAL MARKET IN 2022 - BENCHERO 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, Benchero ...
Tuesday, 10 January 23
INDONESIAN HBA IS SEEING A SPIKE IN JANUARY 2023 INSTEAD OF A SIGNIFICANT FALL IN DECEMBER 2022
COALspot.com: Indonesian Coal Price Reference up 8.43% in January 2023.
HBA is seeing a dramatic spike in January 2023 i ...
Sunday, 08 January 23
INDIAN COAL POWER PLANTS SHOULD BE COMPENSATED FOR 2022 FORCED GENERATION – REGULATOR : REUTERS
Indian power plants that rely on imported coal should be fully compensated when forced to supply electricity, the country’s power regulator s ...
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- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- White Energy Company Limited
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Parliament of New Zealand
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
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