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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, 03 March 16
BDI FURTHER STRENGTHENING; THE INCREASE IN RATES WAS NOT SUBSTANTIAL
COALspot.com: The BDI closed off on a positive note for a second week in a row, further strengthening the belief that the market might be bottoming ...
Thursday, 03 March 16
RIO TINTO COMPLETES SALE OF INTEREST IN BENGALLA JOINT VENTURE FOR US$616.7 MILLION
COALspot.com: Rio Tinto has completed the sale of its 40 per cent interest in the Bengalla coal Joint Venture in Australia to New Hope Corporation ...
Wednesday, 02 March 16
RE-EVALUATION OF MINING LICENSES CLEAN AND CLEAR STATUS IN INDONESIA
COALspot.com: In connection with the transfer of mining authority from Regents/Mayors to Governors1 and from Regents/Mayors and Governors to t ...
Wednesday, 02 March 16
OIL MY GOD.....!!!!
OIL my GOD….!!!!
The oil price “crash” that started in 2014 was caused by a glut of practically unwanted oil. Producers had be ...
Tuesday, 01 March 16
CS 42 (4200 GAR) COAL INDEX CLOSED AT US$ 27.11 A TON ON 26 FEBRUARY
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.31 percent week over week to averaging $38.77 per ton on this past Friday, ...
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Showing 2541 to 2545 news of total 6871 |
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- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Planning Commission, India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
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