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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, 12 February 16
DRY BULK MARKET'S FORTUNES STILL TIED WITH CHINA'S ECONOMY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The inevitable slowdown of the Chinese economy was expected to hurt dry bulk shipping, but few expected the blow to be this hard, especially given ...
Friday, 12 February 16
COAL PRICES ARE EXPECTED TO DECLINE 13% IN 2016 TO $50 ATON, ON CONTINUED WEAK DEMAND AND OVERSUPPLY - WORLD BANK
COALspot.com: Thermal coal prices fell 9 percent in the fourth quarter on continued weak demand, high stocks, and surplus production, World Bank sa ...
Friday, 12 February 16
U.S. COAL PRODUCTION OFF 5.4% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.9 million shor ...
Thursday, 11 February 16
GLOBAL NEWBUILDING ORDERBOOK IS SHRINKING ON A DAILY BASIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2016 has started right where 2015 left off when it comes to newbuilding ordering activity, i.e. there are slim pickings to be had from shipyards ar ...
Wednesday, 10 February 16
SOUTH AFRICA IS HOPING TO SHIP MORE COAL TO INDIA IN 2016
COALspot.com: South Africa is hoping to boost coal exports to India after shipping a record 75.4 million tonnes of coal in 2015, industry officials ...
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Showing 2566 to 2570 news of total 6871 |
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- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Planning Commission, India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
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