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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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Sunday, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
Monday, 02 January 23
CHINA’S COAL CONSUMPTION TO PEAK BY 2035: REPORT - REUTERS
China’s primary energy consumption is likely to peak at nearly 6.03 billion tonnes of standard coal between 2030 and 2035, refining giant Chi ...
Thursday, 29 December 22
INDIA'S COAL DEMAND LIKELY TO PEAK BETWEEN 2030-2035: MINISTER - ANI
The demand for coal in India will continue and is likely to peak between 2030-2035, Union Minister of Coal, Mines, and Parliamentary Affairs Pralha ...
Thursday, 29 December 22
RIO TINTO AND PARTNERS COULD RECEIVE AS MUCH AS $450M IN GOVERNMENT COMPENSATION FOR COAL PRICE CAP - THE GUARDIAN
Compensation payments for the Gladstone power plant remain the sticking point in the federal government’s coal price cap compensation negotia ...
Wednesday, 28 December 22
MARKET INSIGHT - INTERMODAL
The United Nations Conference on Trade and Development (UNCTAD) published a Global Trade Update on December 13th highlighting that global trade wou ...
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- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Planning Commission, India
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Indika Energy - Indonesia
- The University of Queensland
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
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