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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, 20 December 16
TURNAROUND IN CHINESE ECONOMY HAS INTENSIFIED RECENTLY, SAYS COMMODORE RESEARCH
According to the most recent Weekly China Report published by Commodore Research, it has remained encouraging that the turnaround in China’s ...
Monday, 19 December 16
U.S. WEEKLY COAL PRODUCTION DOWN 3.1% PERCENT WEEK ON WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Monday, 19 December 16
THE FREIGHT MARKET WAS CONTINUING TO SOFTEN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continually decline this past week and ending on a negati ...
Thursday, 15 December 16
SUPRAMAXES ARE ACHIEVING AROUND HIGH USD 7K FOR INDO/CHINA COAL ROUNDS - FEARNLEY
Supramax
Pacific has been relatively quiet this week, with some softening signs.
Supramaxes are achieving around high USD 7k for Indo/China ...
Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
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- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- PTC India Limited - India
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
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