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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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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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Showing 31 to 35 news of total 6871 |
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- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Australian Coal Association
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
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