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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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Monday, 07 March 16
INDONESIAN 5700 GAR COAL INDEX DECLINE $0.05 A TON WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.28 percent week over week to averaging $38.66 per ton on this past Friday, ...
Monday, 07 March 16
FREIGHT MARKET MOVING POSITIVE; ALL SEGMENTS EXCEPT CAPE SHOWING A FIRM TREND
COALspot.com: The freight market was steady this past week and showing a firm trend for all segments except for Cape index.
The Baltic Dry Ind ...
Friday, 04 March 16
GLOBAL ECONOMY'S JITTERS ARE SLOWING DOWN SHIPPING EVEN FURTHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The global economy’s shaky condition to say the least is now hampering growth and as a result demand for shipping is slowing down, something ...
Friday, 04 March 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 109.3 MMST; 30.2% LOWER THAN THE COMPARABLE YEAR-TO-DATE COAL PRODUCTION IN 2015 - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 million shor ...
Thursday, 03 March 16
INDIA'S BUDGET NOT ENOUGH TO BOOST STEELMAKERS' PROFITABILITY - FITCH RATINGS
COALspot.com: Fitch Ratings says that increase in proposed infrastructure spending in India's latest government budget is unlikely to provide a ...
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Showing 2536 to 2540 news of total 6871 |
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- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Deloitte Consulting - India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
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