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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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Thursday, 07 January 16
FOB NEWCASTLE COAL SWAPS DELIVERY Q1'16 REMAIN FLAT W-O-W; UP M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.23 per ton (3.35%) this past week compared to the sam ...
Thursday, 07 January 16
SHIPPING WILL REMAIN VOLATILE AND INDISPENSABLE IN 2016 - MOORE STEPHENS
The ultimate definition of an optimist has been characterised as an accordion player with an answerphone. Such extreme optimism might be difficult ...
Wednesday, 06 January 16
NEW COAL PRICE PASS-THROUGH REGULATION BENEFITS CHINA IPPS - FITCH RATINGS
Fitch Ratings says the new Coal Price Pass-through Mechanism announced by the National Development and Reform Commission (NDRC) on 31 December ...
Tuesday, 05 January 16
BIG COAL MINERS PLAN HIGHER PRODUCTION THIS YEAR - THE JAKARTA POST
The country’s major coal miners plan to further boost production in 2016 although analysts estimate that an oversupply in the world’s c ...
Tuesday, 05 January 16
THE SHIPPING MARKET IN 2015 AND LOOKING FORWARD - BIMCO
Global economy: menacing clouds in the sky cast a shadow on global economic developments 2015 never really took off, even though the global economi ...
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- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Minerals Council of Australia
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- ASAPP Information Group - India
- White Energy Company Limited
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
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