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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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Wednesday, 25 November 15
BIG CHINESE COPPER PROCESSORS DEFEND MARGINS THROUGH R&D, SAYS FITCH
Large Chinese copper processors are focusing on higher value-added products and investing in R&D to enhance their technical know-how to maintai ...
Wednesday, 25 November 15
BIMCO LAUNCHES ANTI-CORRUPTION CLAUSE FOR SHIPPING CONTRACTS WORLDWIDE
COALspot.com: BIMCO, is the world’s largest international shipping association, with 2,200 members in around 130 countries, has now launched ...
Wednesday, 25 November 15
TANKER MARKET INSIGHT - GEORGE VASTARDIS
We have already noticed obvious signs of activity mainly West of Suez, which are currently driving the clean MR market to higher levels. Over the p ...
Tuesday, 24 November 15
COAL SUPPLY PRESSURE PUTS INDONESIAN HBA IN FREE FALL
The coal industry is slowly recognizing that, the current coal price level is not a decrease in price, but a change in pricing to corresp ...
Tuesday, 24 November 15
COAL PRICES SET TO REMAIN UNDER PRESSURE UNTIL 2016 DUE TO OVER SUPPLY GLUT; H1 '16 COAL SWAPS DOWN 13% M-M
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 ...
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- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
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- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
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- Vedanta Resources Plc - India
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- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Australian Coal Association
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Minerals Council of Australia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
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