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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, 04 February 16
CAPESIZE: WEST AUSTRALIAN TO CHINA HAS BEEN CONCLUDED AT US$ 2.85 PMT AND THE C3 MARKET REMAINS INACTIVE - FEARNLEYS
Capesize
As everyone is getting ready for the Chinese new year, already depressed rates are under further pressure.
According to Fearnleys, ...
Wednesday, 03 February 16
DRY BULK MARKET CONTINUES TO BE UNDER PRESSURE - INTERMODAL
The Dry Bulk market continues to be under pressure, with the BDI remaining in search of even the slightest support, which seems to be delaying more ...
Tuesday, 02 February 16
RECORD EXPORTS THROUGH SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL MADE AT EXPENSE OF SMALLER RIVALS, IHS SAYS
Five percent increase in coal exports through South Africa’s dominant Richards Bay Coal Terminal in 2015 unlikely to accelerate country&rsquo ...
Tuesday, 02 February 16
SETTING ASIDE, STRIKING OUT AND APPEALS TO THE COURT OF APPEAL IN SHIP ARRESTS - RAJAH & TANN ASIA LLP
KNOWLEDGE TO ELEVATE
The Singapore Court of Appeal once again has had to grapple with ship arrest, setting aside and appeals to the Court unde ...
Monday, 01 February 16
DRY BULK SUFFERS FROM POSEIDON'S POTENT PRONGS - CLARKSONS
It has been a grim start to 2016 for the bulkcarrier market, with the Baltic Dry Index sliding to new record lows on almost every day of the year s ...
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Showing 2576 to 2580 news of total 6871 |
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- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- PTC India Limited - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
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