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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, 16 December 15
MARKET INSIGHT - KATERINA RESTIS
On Friday 4th of December the meeting of OPEC was held in Vienna, Austria. Since its last meeting, oil and product stock levels have continued to r ...
Tuesday, 15 December 15
THE GOVERNMENT DECLARED THERMAL COAL BENCHMARK PRICE CRASHING ONCE AGAIN
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price down to below 2009 level. HBA has slumped by 1.69% mo ...
Tuesday, 15 December 15
API 5 FOB NEWCASTLE COAL SWAP FIRM W-W; WEAK M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $.13 per ton (0.35%) month over month to US$ 37.07 per ton. The swap w ...
Monday, 14 December 15
5000 GAR CS (I) COAL INDEX DECLINE US$ 0.04 PER TON W-O-W
COALspot.com: The 5000 GAR CS (i) coal index decline US$ 0.04 per ton (-0.10 %) week over week.
According to the CS (i) coal (system generated ...
Monday, 14 December 15
CFR SOUTH CHINA COAL SWAP IS STILL SLIDING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 0.93(2.18%) per ton month over month.
A commodity swap ...
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- CNBM International Corporation - China
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- Economic Council, Georgia
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- Wood Mackenzie - Singapore
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- Coal and Oil Company - UAE
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- Chamber of Mines of South Africa
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- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
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- Grasim Industreis Ltd - India
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- White Energy Company Limited
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- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
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- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- MS Steel International - UAE
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- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
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- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
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- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
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- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
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- Eastern Coal Council - USA
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- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
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- VISA Power Limited - India
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- Africa Commodities Group - South Africa
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- Sakthi Sugars Limited - India
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- Directorate General of MIneral and Coal - Indonesia
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- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
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- Singapore Mercantile Exchange
- Planning Commission, India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
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- Maharashtra Electricity Regulatory Commission - India
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- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Romanian Commodities Exchange
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- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
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- Tamil Nadu electricity Board
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
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