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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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Tuesday, 15 March 16
PORT OF NEWCASTLE SHIPPED 12.78 MMT OF COAL IN FEBRUARY 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped AU$1,110.5 mi ...
Tuesday, 15 March 16
ADARO ENERGY LOWERED ITS COAL CASH COST BY 16% TO US$ 27.98 PER TONE IN 2015
Difficult Coal Market Condition Persists in 2015, Adaro Lowers Costs, Reduces Capital Spending and Maintains Solid Liquidity.
PT Adaro E ...
Monday, 14 March 16
THE CS 50 INDEX ROSE $0.16 OR, 0.41% TO $38.82 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.41 percent week over week to averaging $38.82 per ton on this past Friday, ac ...
Monday, 14 March 16
THE BALTIC EXCHANGE CONTINUED TO ROSE THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rise this week helped by higher rates for pa ...
Saturday, 12 March 16
PLN, COAL COMPANIES IN TALKS ABOUT PRICES - THE JAKARTA POST
Following a study that predicted that Indonesia would struggle to provide coal for its power stations in the near future, the government will facil ...
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Showing 2521 to 2525 news of total 6871 |
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- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Minerals Council of Australia
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
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