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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, 03 March 16
BDI FURTHER STRENGTHENING; THE INCREASE IN RATES WAS NOT SUBSTANTIAL
COALspot.com: The BDI closed off on a positive note for a second week in a row, further strengthening the belief that the market might be bottoming ...
Thursday, 03 March 16
RIO TINTO COMPLETES SALE OF INTEREST IN BENGALLA JOINT VENTURE FOR US$616.7 MILLION
COALspot.com: Rio Tinto has completed the sale of its 40 per cent interest in the Bengalla coal Joint Venture in Australia to New Hope Corporation ...
Wednesday, 02 March 16
RE-EVALUATION OF MINING LICENSES CLEAN AND CLEAR STATUS IN INDONESIA
COALspot.com: In connection with the transfer of mining authority from Regents/Mayors to Governors1 and from Regents/Mayors and Governors to t ...
Wednesday, 02 March 16
OIL MY GOD.....!!!!
OIL my GOD….!!!!
The oil price “crash” that started in 2014 was caused by a glut of practically unwanted oil. Producers had be ...
Tuesday, 01 March 16
CS 42 (4200 GAR) COAL INDEX CLOSED AT US$ 27.11 A TON ON 26 FEBRUARY
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.31 percent week over week to averaging $38.77 per ton on this past Friday, ...
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- Wood Mackenzie - Singapore
- The University of Queensland
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
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