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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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Monday, 26 December 16
DO THE DERIVATIVES MARKETS MAKE COAL PRICES MORE VOLATILE? 59.21% SAY YES, POLL
COALspot.com: The substantial increase or decrease in coal prices within a short period of time has been supported by a number of fundamental drive ...
Friday, 23 December 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 711.1 MMST; DOWN 18.5% Y/Y - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 22 December 16
INDONESIA LACK OF EXPORT TO INDIA THIS WEEK - FERNLEYS
Supramax
While the Atlantic is keeping up with rates, the Pacific has been weaker says Astrup Fernley.
According to Astrup Fernley, backhaul ...
Wednesday, 21 December 16
CLEANING THE OCEANS FROM PLASTIC - SOPHIE COTZIAS
2016 is coming to a close and it finds us in preparation for the 2017 enforcement of the Ballast Water Treatment Systems. We naturally are in thoug ...
Tuesday, 20 December 16
TRADE HAS FELT ITS BUMPS AND SHAKES THIS YEAR - GEORGE LAZARIDIS
Trade has felt its bumps and shakes this year, as growing populist protectionist and nationalist movements in the Western world start to take hold. ...
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- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Planning Commission, India
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
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