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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, 30 December 15
FINAL DEALS OF THE YEAR TAKING PLACE, AS SHIP OWNERS PREPARE FOR 2016 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Holidays’ investment lull has taken a grip over the newbuilding and S&P market for second hand vessels, as shipbrokers are reporting ...
Tuesday, 29 December 15
CFR SOUTH CHINA COAL SWAPS ROSE MONTH OVER MONTH
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 ...
Monday, 28 December 15
Q2' 15 U.S. STEAM COAL EXPORTS TOTALED 7.0 MMST; DOWN 16.9% FROM Q1 2015 - EIA
COALspot.com: U.S. coal production during second quarter 2015 totaled 211.1 million short tons.
According to EIA’s preliminary quarterly ...
Monday, 28 December 15
NOVEMBER NEWCASTLE COAL EXPORTS DECLINED 11.87%; THE AVERAGE PRICE OF COAL EXPORTS ROSE 1.37%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.120 billio ...
Saturday, 26 December 15
FOB INDONESIA COAL SWAPS KEEP DROPPING
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month and week over week.
According to AsiaClear OTC coal swap's rep ...
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Showing 2631 to 2635 news of total 6871 |
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- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
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