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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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Saturday, 09 January 16
BALTIC DRY INDEX SINKS 10% WEEK OVER WEEK TO AN ALL-TIME LOW OF 429 POINTS
COALspot.com: The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, decline around 10% we ...
Friday, 08 January 16
FOB INDONESIA COAL SWAP FOR DELIVERY H1'16 REMAIN FLAT AS DEMAND DROPS OFF
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month, flat week over week. The price for coal has been in a Dull Market sinc ...
Friday, 08 January 16
FOB RICHARDS BAY COAL SWAP FOR Q2'16 DELIVERY CLOSED UP $0.13 AT $45.50 PER TON
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap decline month over month and slightly up week over week.
The Q1’ 2016 FOB R ...
Friday, 08 January 16
WEEKLY US COAL PRODUCTION DECLINES 1.6% TO 11.7 MMST, SAYS EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.7million short ...
Friday, 08 January 16
DRY BULK MARKET'S CRISIS DEEPENS AS RATES ARE DROPPING TO NEW RECORD LOWS BY THE DAY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Just when you would think that the dry bulk market is reaching its bottom, even as it has long surpassed all-time lows, each day that passes by at ...
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Showing 2616 to 2620 news of total 6871 |
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- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Parliament of New Zealand
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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