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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, 28 January 16
WHAT ARE THE PROSPECTS FOR COAL IN LIGHT OF THE PARIS CLIMATE AGREEMENT? - GERMAN COAL IMPORTERS ASSOCIATION
This depends – says the VDKi – to a very great extent on who you want to believe more, the United Nations or the International Energy A ...
Thursday, 28 January 16
RICHARDS BAY COAL SWAPS FOR Q1,Q2 AND Q3 DELIVERIES FIRM THIS PAST WEEK
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap rose month over month and week over week.
The Q1’ 2016 FOB Richards Bay Coa ...
Wednesday, 27 January 16
API 5 FOB NEWCASTLE COAL SWAPS CLOSE MIXED
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.17 per ton (3.13%) this past week compared to the sam ...
Wednesday, 27 January 16
CHINA'S STALLING ECONOMY HAS HAD A GREAT EFFECT ON VARIOUS COMMODITIES; DECREASED DEMAND DRIVING COMMODITY PRICES LOWER AND LOWER - LINOS ALEXANDROS KOGEVINAS
Having gone through the first few weeks of 2016, it’s starting to look like another challenging year is ahead of us. Hopes for a recovery in ...
Wednesday, 27 January 16
WORLD HARD COAL PRODUCTION AND CONSUMPTION DECLINE IN 2015 FOR THE FIRST TIME IN OVER A DECADE - VDKI
COALspot.com: Seaborne hard coal trade and the changes in this area were decisively affected by China and India - VDKi.
China bears the g ...
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Showing 2586 to 2590 news of total 6871 |
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- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Planning Commission, India
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
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