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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, 19 February 16
INDONESIAN HBA HITS A NEW LOWS BELOW $51 A TON AS OVERSUPPLY, LOW DEMAND WOES PERSIST
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016. HBA has slumped second time t ...
Friday, 19 February 16
U.S. WEEKLY COAL PRODUCTION ROSE 2.6% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.2 million shor ...
Thursday, 18 February 16
INDIA NEEDS INTERNATIONAL SUPPORT ON HIGH EFFICIENCY COAL - WORLD COAL ASSOCIATION
Speaking at a conference in New Delhi today, World Coal Association Chief Executive Benjamin Sporton said the critical role of coal in driving econ ...
Thursday, 18 February 16
CHINA COAL SECTOR - 2015 RESULTS BLEAK, 2016 UNLIKELY TO BE ANY BETTER - FITCH
COALspot.com: China Coal Sector’s Financial Woes to Worsen in 2016.
Fitch Ratings says that the 2015 full-year result previews issued by ...
Thursday, 18 February 16
PANAMAX RATES OUT OF ECSA WERE STILL GAINING A PREMIUM OVER THE REST OF THE MARKET - INTERMODAL
The BDI moved further down last week, fact that hardly took anyone by surprise as the lunar year holidays in Asia on top of the already depre ...
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- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- White Energy Company Limited
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- The University of Queensland
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
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