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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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Friday, 25 December 15
WEEKLY US COAL PRODUCTION ESTIMATES DIP 8.5%
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 14.7 million shor ...
Thursday, 24 December 15
Q3' 16 FOB RICHARDS BAY COAL SWAP SHED US$ 0.60 PER TON OVER WEEK, AND STANDS AT US$ 43.25 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 ...
Thursday, 24 December 15
GLOBAL MARINE FUEL REGULATIONS COULD SHOCK REFINING AND OIL MARKETS - OPEC | HELLENIC SHIPPING NEWS
IMO regulations call for global standards for sulphur content in marine fuel to be tightened to 0.5% from its present 3.5%. There is uncertainty ov ...
Thursday, 24 December 15
DRY BULKERS' VALUES ARE PLUNGING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk carriers’ values are falling across the board, as the fall of freight rates is taking its toll, as is to be expected. In fact, accor ...
Wednesday, 23 December 15
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
As we are heading towards the end of the year we could argue that most of those involved in the shipping industry share mixed feelings for 2015. Th ...
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Showing 2636 to 2640 news of total 6871 |
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- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Planning Commission, India
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
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