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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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Friday, 27 November 15
FOB RICHARDS BAY COAL SWAPS UP FROM LAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 up week over week and month over month.
The Q1’ 2016 swa ...
Thursday, 26 November 15
ITALY'S STEAM COAL IMPORTS EXPECTED TO REACH 16 MILLION TONS AND COKING COAL IMPORTS TO AMOUNT TO 4 MILLION TONS - ASSOCARBONI
ASSOCARBONI LOOKS AT COAL FROM A DIFFERENT ANGLE
- “Coal has made huge steps towards environmental sustainability, making itself t ...
Thursday, 26 November 15
DRY BULK MARKET WILL REBOUND EVENTUALLY, BUT THINGS WILL BECOME EVEN WORSE BEFORE THEY IMPROVE SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the dry bulk market’s benchmark, the Baltic Dry Index (BDI) reached an all-time late last week and has failed to rebound significantly eve ...
Thursday, 26 November 15
Q3'16 FOB NEWCASTLE COAL SWAP FALLS 27.5% SINCE 20 FEB 2015
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $5 per ton (12.05%) month over month to US$ 36.50 per ton. The s ...
Wednesday, 25 November 15
INDIA'S POWER GENERATORS FACE LOW, FALLING UTILISATION RATE - FITCH
COAlspot.com: Fitch Ratings says in a new report that the utilisation rate of India's thermal power generation capacity continued to decline in ...
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- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Minerals Council of Australia
- Parliament of New Zealand
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
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