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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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- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Planning Commission, India
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- The University of Queensland
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- PTC India Limited - India
- Singapore Mercantile Exchange
- Australian Coal Association
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
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