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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, 13 January 16
U.S. COAL PRODUCTION DECLINED BY 109 MMST IN 2015; COAL EXPORTS DECREASED 21% Y-O-Y
COALspot.com: U.S. coal production declined by 109 million short tons (MMst) (11%) in 2015, the largest decline ever recorded, says EIA.
The 2 ...
Wednesday, 13 January 16
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Going through the second week of 2016 we could easily argue that at this point there are no visible signs of an imminent recovery in the Dry Bulk m ...
Tuesday, 12 January 16
5700 GAR COAL FOR DELIVERY WITHIN Q1 FELL 0.91% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin moved South direction week over week to averaging $39.96 per ton on last Friday, acc ...
Monday, 11 January 16
PORT OF NEWCASTLE SHIPPED 20% MORE COAL IN DECEMBER 2015; AVERAGE SELLING PRICE DECLINE 3.43%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.129 billio ...
Sunday, 10 January 16
LNG BUNKERING IN ASIA: FUELING A PROMISING FUTURE? - REED SMITH
The requirement of a mandatory reduction of sulphur content in bunker fuel proposed by the International Maritime Organisation (IMO) poses a challe ...
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Showing 2611 to 2615 news of total 6871 |
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- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
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