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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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Thursday, 03 December 15
PANAMAX BUSINESS REMAINED UNDER PRESSURE LAST WEEK
COALspot.com: Following the new record lows the Dry Bulk market witnessed the week prior, the BDI took a much needed breath during the past days.
...
Wednesday, 02 December 15
Q3' 16 FOB RICHARDS BAY COAL SWAP SLIGHTLY UP FOR THE THIRD STRAIGHT WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 up month over month and fell week over week.
The Q1’ 2016 &nbs ...
Wednesday, 02 December 15
MARKET INSIGHT - VASSILIS LOGOTHETIS
Boom and bust cycles in commodity prices are not something rare, yet they have important implications both for the world economy in general and for ...
Tuesday, 01 December 15
FOB NEWCASTLE COAL SWAP UP THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $3.75 per ton (9.26%) month over month to US$ 36.75 per ton. The swap ...
Tuesday, 01 December 15
TANKERS VERSUS BULKERS - JUST PLAYING CATCH UP? - CLARKSONS
It’s now more than a year since the tanker market took off. In mid-2014 tanker earnings picked up and since then have been in the $30-$40,000 ...
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- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Australian Coal Association
- Bhushan Steel Limited - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Planning Commission, India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
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