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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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Tuesday, 26 January 16
Q3'16 CFR SOUTH CHINA COAL SWAP DROPPED BELOW $41 A TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.82 (1.94%) per ton month over month.
A commodity swap is ...
Tuesday, 26 January 16
OUTLOOK FOR GLOBAL OIL MARKETS - OPEC SECRETARY GENERAL
Opening address by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2016, Theme ...
Monday, 25 January 16
5700 GAR COAL INDEX CLOSED $ 50.08 PER TON, $0.20 LOWER FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 1.35 percent week over week to averaging $39.39 per ton on this past Friday, ...
Monday, 25 January 16
SHOULD A DEFAULTING PARTY BE ENTITLED TO AN INNOCENT PARTY'S SAVING, FOLLOWING THEIR BREACH OF CONTRACT? - THE NEW FLAMENCO REVISITED
KNOWLEDGE TO ELEVATE
This case was addressed by the club in our of January 2015, when the High Court decision became available. The background ...
Monday, 25 January 16
DRY BULK SHIPPING: A MISERABLE START TO A NEW YEAR, WHERE THE MARKET STRUGGLES TO GROW AT ALL - BIMCO
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destin ...
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Showing 2591 to 2595 news of total 6871 |
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- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Australian Coal Association
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- The University of Queensland
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