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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, 22 December 22
RUSSIAN OIL EXPORTS CRATER BY 54% IN THE FIRST FULL WEEK OF THE EU'S EMBARGO AMID A SHORTAGE OF TANKERS WILLING TO CARRY CARGOES - BUSINESS INSIDER
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bl ...
Thursday, 22 December 22
CHINA TIGHTENS VERIFICATION OF SHIPS’ ENERGY CONSUMPTION DATA - GARD
From 22 December 2022, ships trading to Chinese ports must record their energy consumption data in accordance with the requirements of their Ship E ...
Thursday, 22 December 22
AN OVERVIEW OF THE LNG MARKET - VESSELSVALUE
LNG values have continued to strengthen, spurred by skyrocketing earnings that have surpassed last year’s record breaking peaks. In November, ...
Thursday, 22 December 22
COKING COAL SLUMPS AS TALKS ON AUSTRALIA-CHINA TRADE RIFT LOOM - REUTERS
Chinese coking coal futures dropped more than 3 per cent on Tuesday (Dec 20), extending losses, as supply of the steelmaking input might increase i ...
Thursday, 22 December 22
COAL AND GAS PRICE CAPS MAY COMPOUND POLITICAL RISK FOR AUSTRALIAN CORPORATES - FITCH RATINGS
Australia’s introduction of temporary price caps on domestic sales of gas and coal used for electricity generation will probably have limited ...
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Showing 161 to 165 news of total 6871 |
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- PTC India Limited - India
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
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