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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, 01 March 16
CAN BULKCARRIER SUPPLY CUTS RESTORE SOME BALANCE? - CLARKSONS
The easing in bulkcarrier deliveries and the accelerated pace of demolition in recent years has seen bulkcarrier fleet growth slow from a rapid 17% ...
Monday, 29 February 16
BALTIC INDEX INCHES UP THIS PAST WEEK AS SMALLER VESSELS LEND SUPPORT
COALspot.com: The freight markets rose slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of global ...
Monday, 29 February 16
LOSS OF EARNINGS IN THE WAKE OF A COLLISION - GARD
KNOWLEDGE TO ELEVATE
A shipowner’s loss of earnings can form a significant part of a collision claim. Awareness of the ways of calculati ...
Friday, 26 February 16
U.S WEEKLY COAL PRODUCTION UP SLIGHTLY
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 25 February 16
DRY BULKERS ARE SCRAPPED AT RECORD PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The newbuilding market is at a lull these days, as ship owners are focusing on two fronts, getting rid of excess dry bulk tonnage and snapping up b ...
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- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
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