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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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Friday, 19 February 16
INDONESIAN HBA HITS A NEW LOWS BELOW $51 A TON AS OVERSUPPLY, LOW DEMAND WOES PERSIST
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016. HBA has slumped second time t ...
Friday, 19 February 16
U.S. WEEKLY COAL PRODUCTION ROSE 2.6% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.2 million shor ...
Thursday, 18 February 16
INDIA NEEDS INTERNATIONAL SUPPORT ON HIGH EFFICIENCY COAL - WORLD COAL ASSOCIATION
Speaking at a conference in New Delhi today, World Coal Association Chief Executive Benjamin Sporton said the critical role of coal in driving econ ...
Thursday, 18 February 16
CHINA COAL SECTOR - 2015 RESULTS BLEAK, 2016 UNLIKELY TO BE ANY BETTER - FITCH
COALspot.com: China Coal Sector’s Financial Woes to Worsen in 2016.
Fitch Ratings says that the 2015 full-year result previews issued by ...
Thursday, 18 February 16
PANAMAX RATES OUT OF ECSA WERE STILL GAINING A PREMIUM OVER THE REST OF THE MARKET - INTERMODAL
The BDI moved further down last week, fact that hardly took anyone by surprise as the lunar year holidays in Asia on top of the already depre ...
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- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- The University of Queensland
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
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