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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, 30 December 15
FINAL DEALS OF THE YEAR TAKING PLACE, AS SHIP OWNERS PREPARE FOR 2016 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Holidays’ investment lull has taken a grip over the newbuilding and S&P market for second hand vessels, as shipbrokers are reporting ...
Tuesday, 29 December 15
CFR SOUTH CHINA COAL SWAPS ROSE MONTH OVER MONTH
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 ...
Monday, 28 December 15
Q2' 15 U.S. STEAM COAL EXPORTS TOTALED 7.0 MMST; DOWN 16.9% FROM Q1 2015 - EIA
COALspot.com: U.S. coal production during second quarter 2015 totaled 211.1 million short tons.
According to EIA’s preliminary quarterly ...
Monday, 28 December 15
NOVEMBER NEWCASTLE COAL EXPORTS DECLINED 11.87%; THE AVERAGE PRICE OF COAL EXPORTS ROSE 1.37%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.120 billio ...
Saturday, 26 December 15
FOB INDONESIA COAL SWAPS KEEP DROPPING
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month and week over week.
According to AsiaClear OTC coal swap's rep ...
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- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Parliament of New Zealand
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
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