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Monday, 12 February 18
WORLDWIDE: 'DEMURRAGE CLAIMS' FOR THE PURPOSES OF DOCUMENTARY TIME BARS
 KNOWLEDGE TO ELEVATE
On 2 February 2018 the Commercial Court allowed an appeal from a decision of the Arbitration Tribunal in Lukoil Asia Pacific Pte Ltd v Ocean Tankers Pte Ltd.
The Judgment serves as a reminder to Owners to ensure that, if they have a claim for demurrage (no matter how it arises under the charter), as opposed to a claim for which any delay is compensated at the demurrage rate, they comply with any time bars in relation to demurrage claims.
The Claim
The question before the Court was whether a claim categorised as one for delay waiting for orders, was in fact a demurrage claim.
The clause under which the claim was brought provided:
Litasco Clause 4 – Waiting for Orders Clause
If Charterers require vessel to interrupt her voyage awaiting at anchorage further orders, such delay to be for Charterers’ account and shall count as laytime or demurrage, if vessel on demurrage. Drifting clause shall apply if the ship drifts.
Under Litasco Clause 2, claims for demurrage had to be presented to Charterers in writing within 90 days of completion of discharge. The clause included a list of supporting documents which were to be provided whenever possible.
Tribunal Decision
The Tribunal had already decided that the majority of the Owners’ claims for demurrage were time barred, but they treated the claim arising under Litasco Clause 4 as falling outside the scope of the time bar defence.
Judgment
The Judgment includes a discussion of the principles that Courts must adopt in relation to the construction of commercial documents. It distinguishes between clauses referring to time counting “… as laytime or demurrage, if vessel on demurrage”, and those, such as the BIMCO ISPS Clause and the Interim Port Clause in the Fixture Recap in this case, which referred to “any delay caused by such failure shall be compensated at the demurrage rate” and “…Charterers to pay for additional interim port at cost with additional steaming time, at demurrage rate“.
A distinction was therefore made between claims which are, in fact, demurrage claims, and those where the quantification of loss is at the demurrage rate. The decision emphasises that where different wording is used, it is to be “inferred that the parties have taken care with the language used”, and “the presumption [is] that where parties have used different language in different parts of their contract they intend to achieve a different effect”.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
Source: Reed Smith
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Wednesday, 14 February 18
HISTORY REPEATING ITSELF? - IEA
This month’s OMR is abbreviated to allow time for us to complete our annual five-year outlook that will be published in our report Oil 2018 o ...
Wednesday, 14 February 18
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
The second month of the year is traditionally a particularly interesting one for the shipping industry as a whole and even more importantly for the ...
Monday, 12 February 18
PANAMAX: WITH LIMITED FRESH ENQUIRY IN ALL AREAS, SPOT MARKET RATES DRIFTED LOWER THROUGHOUT THE WEEK - BALTIC BRIEFING
Capesize
A switch to the Atlantic with rates firming as charterers seemed keen to fix and tonnage was tight, prompting a recovery in rates. Trans ...
Saturday, 10 February 18
COAL INDIA ON PATH OF SUSTAINABLE PRODUCTION GROWTH AND SUPPLY TO POWER AND NON POWER SECTOR - PIB
Supply of 371.8 MT of Coal to Power Sector and 103.1 MT Coal to Non-Power Sector Achieved in 2017-18 Till January,2018 Average Rake Loading To The ...
Saturday, 10 February 18
OIL PRICE USD 100/BARREL BY END OF 2018! - SAROJ MOHAPATRA
All demand supplies calculations are going wrong in oil market at present. US production is increasing at a good pace and set to topple Saudi comfo ...
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Showing 1806 to 1810 news of total 6871 |
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- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- The University of Queensland
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Minerals Council of Australia
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Australian Coal Association
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
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