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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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Monday, 18 January 16
Q1'16 CFR SOUTH CHINA COAL SWAP CLOSED AT $ 42.50 PER TON; UP 1% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.43 (1.02%) per ton month over month.
A commodity swap is ...
Friday, 15 January 16
FOB INDONESIA COAL SWAPS FIRM SLIGHTLY LAST WEEK
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month over month and week over week.
According to AsiaClear OTC coal swap's r ...
Friday, 15 January 16
SHIPPING: 2016 STARTED WITH MISERY ACROSS THE BOARD FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As one would have expected, the dry bulk market starter the new year where it left off in 2015, plunging to never seen before depths, as the market ...
Friday, 15 January 16
U.S. WEEKLY COAL PRODUCTION ROSE ACROSS ALL BASINS: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 14 January 16
FOB RICHARDS BAY COAL SWAP FOR Q3 DELIVERY CLOSED $5.90 LOWER THAN Q1 PRICE
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap up month over month and week over week.
The Q1’ 2016 FOB Richards Bay Coal ...
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Showing 2606 to 2610 news of total 6871 |
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- Pendopo Energi Batubara - Indonesia
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- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- The University of Queensland
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Planning Commission, India
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
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