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Wednesday, 13 January 16
IRON ORE IMPASSE - A FAILED CLAIM FOR CONVERSION - CLYDE & CO
 KNOWLEDGE TO ELEVATE
In the recent case of the “Bao Yue”, the English High Court found that the bill of lading holder was liable to reimburse the shipowner for 3 and a half years of storage charges, the cost of which exceeded the value of the cargo.
The claim was brought by Sang Stone, which was both the shipper and the bill of lading holder to whom delivery was to be made, for conversion in relation to 35,000 MT of iron ore, carried from Bandar Abbas (Iran) to Tianjin (China), on board the defendant shipowner’s vessel, the “Bao Yue”.
A dispute arose between Sang Stone, as seller of the iron ore under the FOB sale and purchase contract, and its buyer. As a result Sang Stone withheld the original bill of lading.
The bill of lading had no named consignee, but incorporated the terms of the voyage charter which provided for discharge into a custom bonded warehouse against a letter of indemnity in the event that the original bill of lading was not presented. The charterparty also stipulated that the cost of warehousing the cargo would be for the charterers’ account.
On arrival of the cargo at Tianjin, the original bill of lading was not present so the master discharged the cargo into custom bonded warehouses, via an agent. The agent was then to release the cargo against receipt of the original bill of lading.
However, the cargo was never collected and after 3 years the storage charges exceeded its value. The warehouse owner exercised a lien and refused to release the cargo before payment.
While Sang Stone accepted that the shipowner had been entitled to place the cargo in storage, Sang Stone claimed that the defendant shipowner had converted the cargo on the basis that:
1.”the defendant was not entitled… to arrange for storage of the cargo in a way which gave rise to a lien in favour of the warehouse owner…”; and
2.the conduct of the warehouse and agent amounted to denying the holder of the bill of lading access to the cargo.
The shipowner denied the claims brought by Sang Stone, and counterclaimed for the storage charges.
There is an established principle that where a cargo owner fails to claim delivery of a cargo within a reasonable time, the shipowner is entitled to discharge and store the goods at the cargo owners’ cost. While it was acknowledged by the Court that conversion could occur in circumstances where a lien was created over the goods without authority of the cargo owner, the creation of the lien was, in the circumstances, a “reasonable and foreseeable incident of the storage contract which the defendant was authorised to conclude”. This was particularly the case where a charterparty incorporated into the bill of lading express terms that the cargo could be discharged into storage, which was the position here.
Whilst conversion may be applicable in instances where there is denial of access to goods such that the cargo owner is denied possession of them, the Court found that the Sang Stone’s claim fell far short of any deliberate encroachment of rights by the shipowner. Sang Stone had in fact never presented the bill of lading, and therefore the statements of the agent and warehouse operator had never been tested. Moreover, Sang Stone had not been deprived of the use and possession of the goods: the cargo was available on presentation of the original bills of lading and payment of the charges.
The claim for conversion failed and Sang Stone was liable for the storage charges exceeding the value of the cargo. The Court ordered Sang Stone to deliver the original bills of lading to the shipowner, to allow the cargo to be sold.
Source: Clyde & Co LLP
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Thursday, 10 March 16
IT FEELS SAFE TO SAY THAT THE MARKET IS SLOWLY AND PAINFULLY REGAINING ITS BALANCE
With the BDI marking its third consecutive positive weekly closing, it feels safe to say that the market is regaining its balance; slowly and painf ...
Wednesday, 09 March 16
U.S. COAL EXPORTS DECLINED 24% (74 MMST) IN 2015; COAL PRODUCTION IS EXPECTED TO DECREASE BY 111 MMST IN 2016 - EIA
U.S. Coal Supply
EIA estimates that U.S. coal production for February 2016 was 54 million short tons (MMst), a 4 MMst (7%) decrease from the prev ...
Wednesday, 09 March 16
RI MAY HAVE TO IMPORT COAL FOR FUTURE POWER PLANTS: STUDY - THE JAKARTA POST
With coal prices continuing to decline, Indonesia will struggle to provide the coal needed to fire up its power stations in the near future, a stud ...
Tuesday, 08 March 16
INDONESIA HIKES COAL BENCHMARK PRICE FOR THE FIRST TIME IN 12 MONTHS
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016, but up slightly in Mar ...
Tuesday, 08 March 16
THE DRY CARGO MARKET ENDURED ONE OF ITS MOST DIFFICULT YEARS IN 2015, EXPERIENCING LOWS NOT SEEN SINCE THE MID 1980S - CLARKSONS
Whilst shipping and offshore markets have seen some good opportunities during 2015, overall there have been unprecedented challenges, so we are ver ...
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Showing 2531 to 2535 news of total 6871 |
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- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Planning Commission, India
- PTC India Limited - India
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
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