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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, 24 March 16
NEWBUILDINGS' PRICES HAVE STARTED TO COME DOWN - ALLIED | HELLENIC SHIPPING NEWS
Newbuildings’ prices have started to come down, as demand has remained subdued for quite some time now. In its latest weekly report, shipbrok ...
Wednesday, 23 March 16
THE PANAMA CANAL - WILL THE MELTING OF POLAR ICE CAPS CREATE RIVAL NAVIGATIONAL WATERWAYS THROUGH THE ARCTIC? - INTERMODAL
The Panama Canal, 102 years after its initial opening, is now about to have its expansion completed with a cost of USD5.25 Billion. It is a project ...
Tuesday, 22 March 16
FOUR NEW MARKET MEMBERS HAVE JOINED GLOBALCOAL
globalCOAL® announced yesterday that four new Market Members have joined its international trading community.
Ferrocadia DMCC is an intern ...
Monday, 21 March 16
INDONESIAN 4200 GAR COAL INDEX ROSE $0.12 OR, 0.44% WEEK OVER WEEK; INDEX CLOASED AT $27.19 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.21 percent week over week to averaging $38.90 per ton on this past Friday, ac ...
Monday, 21 March 16
THE BALTIC DRY INDEX ROSE SLIGHTLY WEEK OVER WEEK; BCI UP 11.93%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued rose this week helped by higher rates for Cape ...
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Showing 2511 to 2515 news of total 6871 |
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Australian Coal Association
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- The University of Queensland
- Planning Commission, India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Minerals Council of Australia
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
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