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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, 18 March 16
OUTLOOK ON GLOBAL SHIPPING SECTOR TURNS NEGATIVE AS SUPPLY-DEMAND GAP WIDENS AND EBITDA DECLINES - MOODY'S
Moody’s Investors Service (Moody’s) has changed its outlook on the global shipping sector to negative as it expects supply growth to ou ...
Friday, 18 March 16
DRY BULK MARKET HAS LITTLE TO LOOK FORWARD TO FROM CHINA AT THE MOMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s rebound is long overdue, but when it comes, it won’t be because of China’s strong demand for commodities, o ...
Friday, 18 March 16
COAL PRODUCTION IN THE UNITED STATES SLIGHTLY DECREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.5 million shor ...
Thursday, 17 March 16
THE PANAMAX MARKET SEEMS TO BE A BIT TOPPISH THIS WEEK - FEARNLEYS
Cape
There are challenging days with rates or less unchanged from last week; West Australia to China still below US$ 3 pmt, and Tuarao to China i ...
Wednesday, 16 March 16
OIL SUPPLY OUTPACES DEMAND ON ANY GIVEN DAY, AND BILLIONS OF BARRELS OF OIL ARE BEING STORED RATHER THAN CONSUMED - CHRISTOPHER
Oil producers have turned to the concept of limiting their output to January levels as a certain form of action to boost prices that have fallen mo ...
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Showing 2516 to 2520 news of total 6871 |
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- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- The University of Queensland
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
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