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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, 06 December 15
DESPITE TEMPTING NEWBUILDING PRICES, CONTRACTING IN DRY BULK REMAINS LOW - BIMCO
The current newbuilding prices for dry bulk ships has dropped so much that they just passed the lows of 2012 heading downwards and are now at the l ...
Friday, 04 December 15
FOB INDONESIA COAL SWAPS ARE ALMOST FLAT OVER WEAK DEMAND
COALspot.com: Indonesian coal swaps for delivery Q1 2016 declined month on month and rose slightly week over week. Coal prices seen very margi ...
Friday, 04 December 15
COAL PRODUCTION IN THE U.S. FOR W/E NOVEMBER 28TH FELL SLIGHTLY FROM THE PREVIOUS WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 15.0 million shor ...
Friday, 04 December 15
MINING OUTLOOK WEAKENS FURTHER ON FALLING CHINESE DEMAND - FITCH
COALspot.com: Fitch Ratings' outlook for the global mining sector in 2016 is firmly negative, reflecting our view that Chinese demand will cont ...
Thursday, 03 December 15
DRY BULK: THERMAL COAL LOWER USAGE UNDER A POTENTIAL NEW CLIMATE DEAL WILL ADVERSELY IMPACT THE MARKET'S RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In direct contrast to the tanker market, the dry bulk one has seen demand for key commodities, such a coal, dwindling down over the course of the p ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
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- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Tamil Nadu electricity Board
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- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
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- OPG Power Generation Pvt Ltd - India
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Indian Energy Exchange, India
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- The University of Queensland
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
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- Eastern Energy - Thailand
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
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- Parliament of New Zealand
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- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
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- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
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- Semirara Mining and Power Corporation, Philippines
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- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
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- Central Java Power - Indonesia
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
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- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
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- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
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- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
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- Planning Commission, India
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- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
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- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
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- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
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- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
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- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
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