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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, 12 February 16
DRY BULK MARKET'S FORTUNES STILL TIED WITH CHINA'S ECONOMY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The inevitable slowdown of the Chinese economy was expected to hurt dry bulk shipping, but few expected the blow to be this hard, especially given ...
Friday, 12 February 16
COAL PRICES ARE EXPECTED TO DECLINE 13% IN 2016 TO $50 ATON, ON CONTINUED WEAK DEMAND AND OVERSUPPLY - WORLD BANK
COALspot.com: Thermal coal prices fell 9 percent in the fourth quarter on continued weak demand, high stocks, and surplus production, World Bank sa ...
Friday, 12 February 16
U.S. COAL PRODUCTION OFF 5.4% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.9 million shor ...
Thursday, 11 February 16
GLOBAL NEWBUILDING ORDERBOOK IS SHRINKING ON A DAILY BASIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2016 has started right where 2015 left off when it comes to newbuilding ordering activity, i.e. there are slim pickings to be had from shipyards ar ...
Wednesday, 10 February 16
SOUTH AFRICA IS HOPING TO SHIP MORE COAL TO INDIA IN 2016
COALspot.com: South Africa is hoping to boost coal exports to India after shipping a record 75.4 million tonnes of coal in 2015, industry officials ...
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Showing 2566 to 2570 news of total 6871 |
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- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- The University of Queensland
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Planning Commission, India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- ASAPP Information Group - India
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