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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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Monday, 18 January 16
Q1'16 CFR SOUTH CHINA COAL SWAP CLOSED AT $ 42.50 PER TON; UP 1% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.43 (1.02%) per ton month over month.
A commodity swap is ...
Friday, 15 January 16
FOB INDONESIA COAL SWAPS FIRM SLIGHTLY LAST WEEK
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month over month and week over week.
According to AsiaClear OTC coal swap's r ...
Friday, 15 January 16
SHIPPING: 2016 STARTED WITH MISERY ACROSS THE BOARD FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As one would have expected, the dry bulk market starter the new year where it left off in 2015, plunging to never seen before depths, as the market ...
Friday, 15 January 16
U.S. WEEKLY COAL PRODUCTION ROSE ACROSS ALL BASINS: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 14 January 16
FOB RICHARDS BAY COAL SWAP FOR Q3 DELIVERY CLOSED $5.90 LOWER THAN Q1 PRICE
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap up month over month and week over week.
The Q1’ 2016 FOB Richards Bay Coal ...
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Showing 2606 to 2610 news of total 6871 |
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- Petron Corporation, Philippines
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- ICICI Bank Limited - India
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- Indonesian Coal Mining Association
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- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Romanian Commodities Exchange
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- Commonwealth Bank - Australia
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- Tamil Nadu electricity Board
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- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
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- Thiess Contractors Indonesia
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- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
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- Ministry of Transport, Egypt
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- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
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- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Independent Power Producers Association of India
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- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
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- Coal and Oil Company - UAE
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- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Parliament of New Zealand
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- Mjunction Services Limited - India
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- Madhucon Powers Ltd - India
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- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Planning Commission, India
- Larsen & Toubro Limited - India
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- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Economic Council, Georgia
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- White Energy Company Limited
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- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
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- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
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- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
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- Australian Coal Association
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
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- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
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- New Zealand Coal & Carbon
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- Georgia Ports Authority, United States
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- Indogreen Group - Indonesia
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- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
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- The State Trading Corporation of India Ltd
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- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
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- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
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- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
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- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
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