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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, 17 February 16
TAP ON OPPORTUNITIES IN GROWING ELECTRICITY DEMAND AND NEW COAL POWER PROJECT DEVELOPMENTS IN THE PHILIPPINES - IBC
Tap on Opportunities in Growing Electricity Demand and New Coal Power Project Developments in the Philippines
Coal Power Generation 2016
19- ...
Wednesday, 17 February 16
THE OWNERS FACING HISTORICAL LOW DRY BULK RATES; COAL IMPORTS TO CHINA IS STILL POINTING TO A STRONG TREND OF DECLINING CONSUMPTION
The sharp fall in dry bulk rates that has been taking place since the end of last year and has left owners facing historical low rates for a substa ...
Monday, 15 February 16
CALL THE DOCTOR! SHIPPING'S MEDICAL DRAMA UNFOLDS......- CLARKSONS
The recycling market has started 2016 with a bang, with a huge volume of tonnage heading to demolition facilities. Many of the key shipping markets ...
Monday, 15 February 16
CS 42 COAL INDEX ROSE 0.07% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.15 percent week over week to averaging $38.96 per ton on this past Friday, ...
Monday, 15 February 16
BALTIC INDEX MARGINALLY ROSE BY A POINT D-D; CAPESIZE INDEX DOWN 13 POINTS W-W; PANAMAX INDEX UP 29 POINTS W-W
COALspot.com: The freight markets continued to fall this past week.
The BDI, The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measu ...
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Showing 2561 to 2565 news of total 6871 |
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- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Bhatia International Limited - India
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- The Treasury - Australian Government
- PTC India Limited - India
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
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