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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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Wednesday, 24 February 16
HOW IS THE FUEL MIX FOR U.S. ELECTRICITY GENERATION CHANGING? - EIA
In recent years, there have been changes in the mix of fuels used to generate electricity in the United States. Natural gas and renewable energy so ...
Wednesday, 24 February 16
PRIVATE EQUITY FUNDS LOOKING TO EXIT SHIPPING, MOST NOTABLY DRY BULK, AS OVERORDERING HAS RESULTED IN EXCESS TONNAGE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The injection of more than $13 billion in shipping from various private equity funds over the past few years has resulted in what many feared would ...
Wednesday, 24 February 16
THIRTEEN - NOT ALWAYS AN UNLUCKY NUMBER? - CLARKSONS
Back in early 1999 the price of a 5 year old Panamax bulkcarrier dipped to $13.5m, and ever since analysts have hailed purchase decisions made at t ...
Monday, 22 February 16
4200 GAR COAL INDEX SETTLES AT $27.02, DOWN 0.07% FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.17 percent week over week to averaging $38.89 per ton on this past Friday, ...
Monday, 22 February 16
FREIGHT MARKETS PICKED UP SLIGHTLY THIS PAST WEEK
COALspot.com: The freight markets picked up slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of gl ...
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Showing 2551 to 2555 news of total 6871 |
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- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Medco Energi Mining Internasional
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Parliament of New Zealand
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
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