We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 07 March 16
INDONESIAN 5700 GAR COAL INDEX DECLINE $0.05 A TON WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.28 percent week over week to averaging $38.66 per ton on this past Friday, ...
Monday, 07 March 16
FREIGHT MARKET MOVING POSITIVE; ALL SEGMENTS EXCEPT CAPE SHOWING A FIRM TREND
COALspot.com: The freight market was steady this past week and showing a firm trend for all segments except for Cape index.
The Baltic Dry Ind ...
Friday, 04 March 16
GLOBAL ECONOMY'S JITTERS ARE SLOWING DOWN SHIPPING EVEN FURTHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The global economy’s shaky condition to say the least is now hampering growth and as a result demand for shipping is slowing down, something ...
Friday, 04 March 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 109.3 MMST; 30.2% LOWER THAN THE COMPARABLE YEAR-TO-DATE COAL PRODUCTION IN 2015 - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 million shor ...
Thursday, 03 March 16
INDIA'S BUDGET NOT ENOUGH TO BOOST STEELMAKERS' PROFITABILITY - FITCH RATINGS
COALspot.com: Fitch Ratings says that increase in proposed infrastructure spending in India's latest government budget is unlikely to provide a ...
|
|
|
Showing 2536 to 2540 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Minerals Council of Australia
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- The University of Queensland
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- White Energy Company Limited
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
|
| |
| |
|
