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Wednesday, 06 September 17
LAYTIME - CHARTERERS' RIGHTS & PORT COSTS - NORTH P&I CLUB
 KNOWLEDGE TO ELEVATE
In a recent London Arbitration decision (18/17) the Tribunal had to consider whether the owners were entitled to recover additional expenses incurred in complying with charterers’ orders to stop loading operations.
The Facts
The vessel was voyage chartered for a voyage from the USA to Venezuela. Upon arrival at the load port, loading commenced. When charterers became aware of this they ordered the loading to stop. Loading did not then recommence until four days later. Owners claimed from charterers the additional dockage, security and guards’ expenses incurred as a result of the four day interruption to loading.
The Load Port Expenses
In respect of the additional load port expenses, the Tribunal held that the allocation of such expenses would usually fall to owners under the charterparty terms. This was because the charterers were entitled to use the laytime as they wished and so it followed that the associated expenses had to lie where they fell, i.e. with the owners. However, the Tribunal accepted evidence from the owners that an oral agreement had been reached between the owners and the charterers that charterers had agreed to pay the owners’ invoice in full, which included the additional port expenses. It was, therefore, as a result of this additional oral agreement that the Tribunal ordered the charterers to pay the additional port expenses to the owners. Without this oral agreement, which changed the terms of the charterparty, the owners would not have received any compensation for the additional load port expenses incurred as a result of the four day delay.
A Reminder
It is worth reminding owners that charterers do have an absolute right to use the given laytime as they see fit. There is no duty on them to load or discharge faster than the given laytime. Therefore, if a charterer orders the vessel to stop cargo operations when laytime is running, the port expenses incurred during the stop will usually be for owners. This is unless a specific clause (or additional oral or written agreement on this point) can be agreed between the owners and the charterers to the contrary.
Source: North of England P&I Club
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Wednesday, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
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Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
Monday, 28 July 14
Q3' 14, SUB-BIT FOB INDONESIA COAL SWAP GAINED $ 0.08 DAY ON DAY AND $ 0.68 WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 increased by just US$ 0.08 day on day and US$ 0.68 week on week. The swap was lost U ...
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- Eastern Energy - Thailand
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- The University of Queensland
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- White Energy Company Limited
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
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