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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, 20 January 16
SHIPPING MARKET INSIGHT - NASOS SOULAKIS
If you believe in the “January effect”, the theory according to which the beginning of a new year has a positive effect on financial in ...
Tuesday, 19 January 16
HAPPY NEW YEAR, COAL PRODUCERS! OR MAYBE NOT - ANDY ROBERTS
To coal producers, 2015 must have seemed far longer than 365 days. From their perspective, as bad as markets were at the beginning of the year, and ...
Tuesday, 19 January 16
COALTRANS ASIA IS RETURNING TO BALI
22nd Coaltrans Asia
Coaltrans Asia is returning to Bali to bring together over 1000 industry decision makers and thought leaders for three day ...
Monday, 18 January 16
INDONESIAN 5700 GAR COAL INDEX ROSE 0.60% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline slightly week over week to averaging $39.93 per ton on this past Friday, acc ...
Monday, 18 January 16
BALTIC DRY SHIPPING INDEX DROPS TO 373 POINTS; DECLINE 13% WEEK OVER WEEK
COALspot.com: The freight market dropped this week as the BDI declined further 13 percent to 373 points week over week. The Cape index ...
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- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- White Energy Company Limited
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
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