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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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Wednesday, 10 February 16
OWNERS APPEAR WILLING TO DISPOSE OF TONNAGE THE SOONEST IT HITS THE 10 YEAR MARK - TIMOS PAPADIMITRIOU
COALspot.com: The last two months of 2015 made a case for traditional shipowners to invest in the dry bulk sector, doing so though based purely on ...
Monday, 08 February 16
DRY-BULK SHIPPING DIVING DEEP
COALspot.com: The freight markets continued to fall this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of glo ...
Monday, 08 February 16
DRY BULK: SHIPBROKER SEES BDI MARKET REACHING LOW POINT OF 236 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The endless pit that is the dry bulk market over the past two months, has been the issue of debate among ship owners, shipbroker and analysts alike ...
Friday, 05 February 16
COAL INDIA EYES COAL MINES IN SOUTH AFRICA - PTI
“Coal India Ltd has plans of acquiring coal mines in South Africa,” an official said. It is looking at acquiring mines in partnership w ...
Friday, 05 February 16
U.S. WEEKLY COAL OUTPUT ROSE 4.2% TO 13.6 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.6 million shor ...
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- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
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- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
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- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
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- Altura Mining Limited, Indonesia
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- Interocean Group of Companies - India
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- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Central Electricity Authority - India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Parliament of New Zealand
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
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- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
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- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
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