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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, 01 December 16
OIL PRICES MAY SEE LITTLE GROWTH BEFORE 2018, FITCH RATINGS SAYS
High inventories and the potential for US shale production to respond quickly to any market tightening mean oil prices may flat line in 2017 before ...
Thursday, 01 December 16
CHINA 2017 OIL, GAS OUTPUT DROP MAY WORSEN ON CAPEX CUT: FITCH
China's oil and gas production may shrink even more in 2017 than in 2016 after the country's leading oil companies cut exploration and prod ...
Thursday, 01 December 16
ANOTHER WONDERFUL WEEK FOR PANAMAX - FEARNLEY
Supramax
A slower start to the week in the Pacific compared to last Trips from N. China to S. China is paying in the range of low USD 5k, while I ...
Tuesday, 29 November 16
AUSTRALIA'S PORT OF NEWCASTLE SHIPPED 13.08 MT OF COAL IN OCTOBER; DOWN 10.39% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,124.7 Mi ...
Tuesday, 29 November 16
US WEEKLY COAL OUTPUT TOTALS 17.2 MMST, UP 2.8% : EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17.2 million short ton ...
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- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- The University of Queensland
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Planning Commission, India
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