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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, 23 December 15
FOB NEWCASTLE COAL SWAP CLOSES FIRM
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery up $0.45 per ton (1.22%) month over month to US$ 37.20 per ton. The swap wa ...
Tuesday, 22 December 15
3800 GAR INDEX CLOSED AT US$ 22.03 PER TON; DOWN 0.15% W-O-W
COALspot.com: The 5000 GAR CS (i) coal index decline US$ 0.03 per ton (-0.07 %) week over week.
According to the CS (i) coal (system generated ...
Monday, 21 December 15
Q3' 2016 CFR SOUTH CHINA COAL SWAP CLOSED SLIGHTLY LOWER COMPARE TO Q1'16 CLOSING PRICE
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery up US$ 0.20 (0.48%) per ton month over month.
A commodity swap is a ...
Sunday, 20 December 15
THE FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The BDI facing all time low's this week. The bulk dry index closed at 477 points on 18 December 2015.
The cape index was als ...
Friday, 18 December 15
WHEN IS A MASTER ENTITLED TO REFUSE DAMAGED CARGO? A REMINDER - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
A master’s authority to clause bills of lading issued by or on his behalf can sometimes become the cause of disagreeme ...
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- Straits Asia Resources Limited - Singapore
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- Thai Mozambique Logistica
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- Deloitte Consulting - India
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
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- Malabar Cements Ltd - India
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- Eastern Coal Council - USA
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- Medco Energi Mining Internasional
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- Sarangani Energy Corporation, Philippines
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Economic Council, Georgia
- Cement Manufacturers Association - India
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- Singapore Mercantile Exchange
- The University of Queensland
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- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
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- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
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- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Aditya Birla Group - India
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- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
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- PetroVietnam Power Coal Import and Supply Company
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- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
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- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
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- Mercator Lines Limited - India
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
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- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
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- European Bulk Services B.V. - Netherlands
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- CNBM International Corporation - China
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- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
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- Renaissance Capital - South Africa
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- Independent Power Producers Association of India
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- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Posco Energy - South Korea
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