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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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Thursday, 04 February 16
CAPESIZE: WEST AUSTRALIAN TO CHINA HAS BEEN CONCLUDED AT US$ 2.85 PMT AND THE C3 MARKET REMAINS INACTIVE - FEARNLEYS
Capesize
As everyone is getting ready for the Chinese new year, already depressed rates are under further pressure.
According to Fearnleys, ...
Wednesday, 03 February 16
DRY BULK MARKET CONTINUES TO BE UNDER PRESSURE - INTERMODAL
The Dry Bulk market continues to be under pressure, with the BDI remaining in search of even the slightest support, which seems to be delaying more ...
Tuesday, 02 February 16
RECORD EXPORTS THROUGH SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL MADE AT EXPENSE OF SMALLER RIVALS, IHS SAYS
Five percent increase in coal exports through South Africa’s dominant Richards Bay Coal Terminal in 2015 unlikely to accelerate country&rsquo ...
Tuesday, 02 February 16
SETTING ASIDE, STRIKING OUT AND APPEALS TO THE COURT OF APPEAL IN SHIP ARRESTS - RAJAH & TANN ASIA LLP
KNOWLEDGE TO ELEVATE
The Singapore Court of Appeal once again has had to grapple with ship arrest, setting aside and appeals to the Court unde ...
Monday, 01 February 16
DRY BULK SUFFERS FROM POSEIDON'S POTENT PRONGS - CLARKSONS
It has been a grim start to 2016 for the bulkcarrier market, with the Baltic Dry Index sliding to new record lows on almost every day of the year s ...
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Showing 2576 to 2580 news of total 6871 |
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- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
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