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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, 28 January 16
WHAT ARE THE PROSPECTS FOR COAL IN LIGHT OF THE PARIS CLIMATE AGREEMENT? - GERMAN COAL IMPORTERS ASSOCIATION
This depends – says the VDKi – to a very great extent on who you want to believe more, the United Nations or the International Energy A ...
Thursday, 28 January 16
RICHARDS BAY COAL SWAPS FOR Q1,Q2 AND Q3 DELIVERIES FIRM THIS PAST WEEK
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap rose month over month and week over week.
The Q1’ 2016 FOB Richards Bay Coa ...
Wednesday, 27 January 16
API 5 FOB NEWCASTLE COAL SWAPS CLOSE MIXED
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.17 per ton (3.13%) this past week compared to the sam ...
Wednesday, 27 January 16
CHINA'S STALLING ECONOMY HAS HAD A GREAT EFFECT ON VARIOUS COMMODITIES; DECREASED DEMAND DRIVING COMMODITY PRICES LOWER AND LOWER - LINOS ALEXANDROS KOGEVINAS
Having gone through the first few weeks of 2016, it’s starting to look like another challenging year is ahead of us. Hopes for a recovery in ...
Wednesday, 27 January 16
WORLD HARD COAL PRODUCTION AND CONSUMPTION DECLINE IN 2015 FOR THE FIRST TIME IN OVER A DECADE - VDKI
COALspot.com: Seaborne hard coal trade and the changes in this area were decisively affected by China and India - VDKi.
China bears the g ...
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Showing 2586 to 2590 news of total 6871 |
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- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Edison Trading Spa - Italy
- White Energy Company Limited
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
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