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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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Monday, 28 March 16
THE SUPRAMAX INDEX WAS UP TWENTY-FOUR POINTS TO 473 POINTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 25 March 16
DRY BULK SHIPPING FLEET WILL GROW BY 1.3% DURING 2016 - BIMCO | HELLENIC SHIPPING NEWS
The dry bulk market will keep on suffering, at least until the start of 2017 and possibly well after that, should the current balance of supply and ...
Friday, 25 March 16
U.S COAL PRODUCTION DECLINED 9.1% W/W - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million shor ...
Thursday, 24 March 16
PERSISTENT OVERCAPACITY TO PROLONG CHINA'S COAL SECTOR DOWNTURN - FITCH
China's coal sector is likely to remain under pressure in the short to medium term as structural weaknesses in demand and overcapacity persist, ...
Thursday, 24 March 16
SEABORNE TRADE: CHECKING UP ON THE TRENDS - CLARKSON RESEARCH
Following a decline in 2009, seaborne trade grew on average by 4.9% p.a. in 2010-13, reflecting booming import demand in a number of key importing ...
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Showing 2506 to 2510 news of total 6871 |
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- Sakthi Sugars Limited - India
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- Barasentosa Lestari - Indonesia
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- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
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- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
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- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
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- Singapore Mercantile Exchange
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- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
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- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
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- Parliament of New Zealand
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- Global Business Power Corporation, Philippines
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- Mintek Dendrill Indonesia
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
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- New Zealand Coal & Carbon
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- Global Green Power PLC Corporation, Philippines
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- Indian Oil Corporation Limited
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- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
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- White Energy Company Limited
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- European Bulk Services B.V. - Netherlands
- The University of Queensland
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- Tata Chemicals Ltd - India
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- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
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- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
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- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
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- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
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- Semirara Mining Corp, Philippines
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- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
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- Energy Development Corp, Philippines
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