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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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Tuesday, 08 December 15
HOW TO MITIGATE LEGAL RISKS WHEN PURCHASING BUNKERS - LESSONS LEARNED FROM THE OW BUNKER COLLAPSE - THE SWEDISH CLUB
KNOWLEDGE TO ELEVATE
About a year has passed since OW Bunker & Trading A/S filed for bankruptcy. The collapse shows that there are signifi ...
Monday, 07 December 15
5000 GAR CS (I) COAL INDEX REMAIN THE SAME OVER LAST WEEK
COALspot.com: The 5000 GAR CS (i) coal index remain the same over last week.
According to the CS (i) coal (system generated) index, the CS 50 ...
Monday, 07 December 15
COAL DEMAND IN 2016 FAILS TO SUPPORT PRICES; CFR SOUTH CHINA COAL SWAPS SEEN AT $US 42 A TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 1.70 (3.88%) per ton month over month.
A commodity swap ...
Sunday, 06 December 15
THE BDI DECLINED BY 3.09 PERCENT TO 563 POINTS ON 4 DECEMBER
COALspot.com: The BDI declined by 3.09 percent to 563 points on 4 December 2015.
The Cape index was also declined by 10.01 percent to 890 poin ...
Sunday, 06 December 15
DRY BULK MARKET ON REVERSE MODE, SET TO BREAK NEW ALL-TIME LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been the negative “star” of the shipping industry for quite some time. In fact if it wasn’t for the boomi ...
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- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Aditya Birla Group - India
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
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