We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 05 January 16
4200 GAR COAL INDEX FALL TOWARD $27;SLIPPED 28.05% YEAR-TO-DATE
COALspot.com: Average 5000 GAR coal index has not moved in the past week, averaging $40.12 per ton on last Thursday, according to CS (i) Coal Index ...
Monday, 04 January 16
CFR SOUTH CHINA COAL SWAP REMAIN FLAT OVER CHRISTMAS & NEW YEAR HOLIDAYS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.68 (1.64%) per ton month over month.
A commodity swap is ...
Friday, 01 January 16
FOB INDONESIA COAL SWAP FOR Q1'16 DELIVERY CLOSED AT $36.75 PER TON
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month but flat week over week.
According to AsiaClear OTC coal swap' ...
Thursday, 31 December 15
COAL PRICES FELL ON WEAK DEMAND
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap decline month over month and slightly up week over week.
The Q1’ 2016 ...
Thursday, 31 December 15
2016 FOB NEWCASTLE COAL SWAP RALLY TO CLOSE AT $37.98/TON
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.48 per ton (4.05%) this past week compared to the sam ...
|
|
|
Showing 2626 to 2630 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- PTC India Limited - India
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Planning Commission, India
- ASAPP Information Group - India
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
|
| |
| |
|
