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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, 20 January 16
SHIPPING MARKET INSIGHT - NASOS SOULAKIS
If you believe in the “January effect”, the theory according to which the beginning of a new year has a positive effect on financial in ...
Tuesday, 19 January 16
HAPPY NEW YEAR, COAL PRODUCERS! OR MAYBE NOT - ANDY ROBERTS
To coal producers, 2015 must have seemed far longer than 365 days. From their perspective, as bad as markets were at the beginning of the year, and ...
Tuesday, 19 January 16
COALTRANS ASIA IS RETURNING TO BALI
22nd Coaltrans Asia
Coaltrans Asia is returning to Bali to bring together over 1000 industry decision makers and thought leaders for three day ...
Monday, 18 January 16
INDONESIAN 5700 GAR COAL INDEX ROSE 0.60% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline slightly week over week to averaging $39.93 per ton on this past Friday, acc ...
Monday, 18 January 16
BALTIC DRY SHIPPING INDEX DROPS TO 373 POINTS; DECLINE 13% WEEK OVER WEEK
COALspot.com: The freight market dropped this week as the BDI declined further 13 percent to 373 points week over week. The Cape index ...
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- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
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