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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, 13 January 16
U.S. COAL PRODUCTION DECLINED BY 109 MMST IN 2015; COAL EXPORTS DECREASED 21% Y-O-Y
COALspot.com: U.S. coal production declined by 109 million short tons (MMst) (11%) in 2015, the largest decline ever recorded, says EIA.
The 2 ...
Wednesday, 13 January 16
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Going through the second week of 2016 we could easily argue that at this point there are no visible signs of an imminent recovery in the Dry Bulk m ...
Tuesday, 12 January 16
5700 GAR COAL FOR DELIVERY WITHIN Q1 FELL 0.91% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin moved South direction week over week to averaging $39.96 per ton on last Friday, acc ...
Monday, 11 January 16
PORT OF NEWCASTLE SHIPPED 20% MORE COAL IN DECEMBER 2015; AVERAGE SELLING PRICE DECLINE 3.43%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.129 billio ...
Sunday, 10 January 16
LNG BUNKERING IN ASIA: FUELING A PROMISING FUTURE? - REED SMITH
The requirement of a mandatory reduction of sulphur content in bunker fuel proposed by the International Maritime Organisation (IMO) poses a challe ...
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Showing 2611 to 2615 news of total 6871 |
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- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- The University of Queensland
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Planning Commission, India
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
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