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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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Tuesday, 26 January 16
Q3'16 CFR SOUTH CHINA COAL SWAP DROPPED BELOW $41 A TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.82 (1.94%) per ton month over month.
A commodity swap is ...
Tuesday, 26 January 16
OUTLOOK FOR GLOBAL OIL MARKETS - OPEC SECRETARY GENERAL
Opening address by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2016, Theme ...
Monday, 25 January 16
5700 GAR COAL INDEX CLOSED $ 50.08 PER TON, $0.20 LOWER FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 1.35 percent week over week to averaging $39.39 per ton on this past Friday, ...
Monday, 25 January 16
SHOULD A DEFAULTING PARTY BE ENTITLED TO AN INNOCENT PARTY'S SAVING, FOLLOWING THEIR BREACH OF CONTRACT? - THE NEW FLAMENCO REVISITED
KNOWLEDGE TO ELEVATE
This case was addressed by the club in our of January 2015, when the High Court decision became available. The background ...
Monday, 25 January 16
DRY BULK SHIPPING: A MISERABLE START TO A NEW YEAR, WHERE THE MARKET STRUGGLES TO GROW AT ALL - BIMCO
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destin ...
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- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- The University of Queensland
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
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