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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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Tuesday, 05 January 16
4200 GAR COAL INDEX FALL TOWARD $27;SLIPPED 28.05% YEAR-TO-DATE
COALspot.com: Average 5000 GAR coal index has not moved in the past week, averaging $40.12 per ton on last Thursday, according to CS (i) Coal Index ...
Monday, 04 January 16
CFR SOUTH CHINA COAL SWAP REMAIN FLAT OVER CHRISTMAS & NEW YEAR HOLIDAYS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.68 (1.64%) per ton month over month.
A commodity swap is ...
Friday, 01 January 16
FOB INDONESIA COAL SWAP FOR Q1'16 DELIVERY CLOSED AT $36.75 PER TON
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month but flat week over week.
According to AsiaClear OTC coal swap' ...
Thursday, 31 December 15
COAL PRICES FELL ON WEAK DEMAND
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap decline month over month and slightly up week over week.
The Q1’ 2016 ...
Thursday, 31 December 15
2016 FOB NEWCASTLE COAL SWAP RALLY TO CLOSE AT $37.98/TON
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.48 per ton (4.05%) this past week compared to the sam ...
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Showing 2626 to 2630 news of total 6871 |
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- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- White Energy Company Limited
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Australian Coal Association
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- MS Steel International - UAE
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
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