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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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Sunday, 13 December 15
THE LOW VESSEL DEMANDS PUSHED DOWN BALTIC DRY INDEX FURTHER DOWN
COALspot.com: The low vessel demand across nearly all vessel sizes pushed the Baltic Exchange’s main sea freight index further down in this F ...
Sunday, 13 December 15
DRY BULK RATES KEEP ON FALLING AS LOW VESSEL DEMAND IS STILL THE NORM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market nowadays is in an endless downward spiral, which as it turns out is unable to recover, at least as long as the current balance ...
Friday, 11 December 15
US COAL PRODUCTION UP 7.7% IN WEEK ENDED DECEMBER 5, 2015
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.1 million shor ...
Thursday, 10 December 15
LIENING CARGO - WHICH LIEN CLAUSE APPLIES TO THE BILL OF LADING? : WIKBORG REIN | HELLENIC SHIPPING NEWS
KNOWLEDGE TO ELEVATE
In a dry bulk market where a charterer is not paying freight or hire, its counterparty is often left to consider whether ...
Thursday, 10 December 15
CANADIAN MINER TECK ANNOUNCES LNG HAUL TRUCK PILOT PROJECT
Teck Resources Limited is piloting the use of liquefied natural gas (LNG) as a fuel source in six haul trucks at its Fording River steelmakin ...
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- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Australian Coal Association
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
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