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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, 11 March 16
ADANI GLOBAL BAGS 0.26 MILLION TONS OF COAL CONTRACT FROM LANKA COAL COMPANY
COALspot.com: Lanka Coal Company (Private) Limited, Sri Lanka has awarded 260,000 +/- 10% tons of Power plant 6300 GAR calorific value coal to Adan ...
Friday, 11 March 16
US WEEKLY COAL PRODUCTION DOWN BY 0.5 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.6 million shor ...
Friday, 11 March 16
FORTESCUE'S MOU WITH VALE COULD STRENGTHEN ITS BUSINESS PROFILE - FITCH
COALspot.com: Fitch Ratings says that Australia-based Fortescue Metals Group Limited's (BB+/Negative) memorandum of understanding (MOU) with Br ...
Thursday, 10 March 16
CHINA'S NEW POLICY PLAN COULD BE POSITIVE FOR SHIPPING, BUT TARGETS SEEM RATHER AMBITIOUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China set out its new policy plan during the course of the past weekend, but it seems to have set some very ambitious goals, which could be difficu ...
Thursday, 10 March 16
U.S. COAL EXPORTS DECLINED 23% IN 2015, AS COAL IMPORTS REMAINED STEADY
COALspot.com: The United States remains a net exporter of coal, exporting 74.0 million short tons (MMst) and importing 11 MMst in 2015.
Accord ...
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Showing 2526 to 2530 news of total 6871 |
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- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- White Energy Company Limited
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
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