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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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Thursday, 07 January 16
FOB NEWCASTLE COAL SWAPS DELIVERY Q1'16 REMAIN FLAT W-O-W; UP M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.23 per ton (3.35%) this past week compared to the sam ...
Thursday, 07 January 16
SHIPPING WILL REMAIN VOLATILE AND INDISPENSABLE IN 2016 - MOORE STEPHENS
The ultimate definition of an optimist has been characterised as an accordion player with an answerphone. Such extreme optimism might be difficult ...
Wednesday, 06 January 16
NEW COAL PRICE PASS-THROUGH REGULATION BENEFITS CHINA IPPS - FITCH RATINGS
Fitch Ratings says the new Coal Price Pass-through Mechanism announced by the National Development and Reform Commission (NDRC) on 31 December ...
Tuesday, 05 January 16
BIG COAL MINERS PLAN HIGHER PRODUCTION THIS YEAR - THE JAKARTA POST
The country’s major coal miners plan to further boost production in 2016 although analysts estimate that an oversupply in the world’s c ...
Tuesday, 05 January 16
THE SHIPPING MARKET IN 2015 AND LOOKING FORWARD - BIMCO
Global economy: menacing clouds in the sky cast a shadow on global economic developments 2015 never really took off, even though the global economi ...
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Showing 2621 to 2625 news of total 6871 |
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- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- The University of Queensland
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
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