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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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Friday, 25 December 15
WEEKLY US COAL PRODUCTION ESTIMATES DIP 8.5%
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 14.7 million shor ...
Thursday, 24 December 15
Q3' 16 FOB RICHARDS BAY COAL SWAP SHED US$ 0.60 PER TON OVER WEEK, AND STANDS AT US$ 43.25 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 ...
Thursday, 24 December 15
GLOBAL MARINE FUEL REGULATIONS COULD SHOCK REFINING AND OIL MARKETS - OPEC | HELLENIC SHIPPING NEWS
IMO regulations call for global standards for sulphur content in marine fuel to be tightened to 0.5% from its present 3.5%. There is uncertainty ov ...
Thursday, 24 December 15
DRY BULKERS' VALUES ARE PLUNGING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk carriers’ values are falling across the board, as the fall of freight rates is taking its toll, as is to be expected. In fact, accor ...
Wednesday, 23 December 15
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
As we are heading towards the end of the year we could argue that most of those involved in the shipping industry share mixed feelings for 2015. Th ...
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Showing 2636 to 2640 news of total 6871 |
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- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- PTC India Limited - India
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
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