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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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Saturday, 09 January 16
BALTIC DRY INDEX SINKS 10% WEEK OVER WEEK TO AN ALL-TIME LOW OF 429 POINTS
COALspot.com: The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, decline around 10% we ...
Friday, 08 January 16
FOB INDONESIA COAL SWAP FOR DELIVERY H1'16 REMAIN FLAT AS DEMAND DROPS OFF
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month, flat week over week. The price for coal has been in a Dull Market sinc ...
Friday, 08 January 16
FOB RICHARDS BAY COAL SWAP FOR Q2'16 DELIVERY CLOSED UP $0.13 AT $45.50 PER TON
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap decline month over month and slightly up week over week.
The Q1’ 2016 FOB R ...
Friday, 08 January 16
WEEKLY US COAL PRODUCTION DECLINES 1.6% TO 11.7 MMST, SAYS EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.7million short ...
Friday, 08 January 16
DRY BULK MARKET'S CRISIS DEEPENS AS RATES ARE DROPPING TO NEW RECORD LOWS BY THE DAY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Just when you would think that the dry bulk market is reaching its bottom, even as it has long surpassed all-time lows, each day that passes by at ...
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Showing 2616 to 2620 news of total 6871 |
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- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
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