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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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Tuesday, 01 March 16
CAN BULKCARRIER SUPPLY CUTS RESTORE SOME BALANCE? - CLARKSONS
The easing in bulkcarrier deliveries and the accelerated pace of demolition in recent years has seen bulkcarrier fleet growth slow from a rapid 17% ...
Monday, 29 February 16
BALTIC INDEX INCHES UP THIS PAST WEEK AS SMALLER VESSELS LEND SUPPORT
COALspot.com: The freight markets rose slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of global ...
Monday, 29 February 16
LOSS OF EARNINGS IN THE WAKE OF A COLLISION - GARD
KNOWLEDGE TO ELEVATE
A shipowner’s loss of earnings can form a significant part of a collision claim. Awareness of the ways of calculati ...
Friday, 26 February 16
U.S WEEKLY COAL PRODUCTION UP SLIGHTLY
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 25 February 16
DRY BULKERS ARE SCRAPPED AT RECORD PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The newbuilding market is at a lull these days, as ship owners are focusing on two fronts, getting rid of excess dry bulk tonnage and snapping up b ...
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- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Agrawal Coal Company - India
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Australian Coal Association
- PTC India Limited - India
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