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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, 23 December 15
FOB NEWCASTLE COAL SWAP CLOSES FIRM
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery up $0.45 per ton (1.22%) month over month to US$ 37.20 per ton. The swap wa ...
Tuesday, 22 December 15
3800 GAR INDEX CLOSED AT US$ 22.03 PER TON; DOWN 0.15% W-O-W
COALspot.com: The 5000 GAR CS (i) coal index decline US$ 0.03 per ton (-0.07 %) week over week.
According to the CS (i) coal (system generated ...
Monday, 21 December 15
Q3' 2016 CFR SOUTH CHINA COAL SWAP CLOSED SLIGHTLY LOWER COMPARE TO Q1'16 CLOSING PRICE
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery up US$ 0.20 (0.48%) per ton month over month.
A commodity swap is a ...
Sunday, 20 December 15
THE FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The BDI facing all time low's this week. The bulk dry index closed at 477 points on 18 December 2015.
The cape index was als ...
Friday, 18 December 15
WHEN IS A MASTER ENTITLED TO REFUSE DAMAGED CARGO? A REMINDER - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
A master’s authority to clause bills of lading issued by or on his behalf can sometimes become the cause of disagreeme ...
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- Kapuas Tunggal Persada - Indonesia
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- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
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- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
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- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
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- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Thai Mozambique Logistica
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- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
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- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
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- Mercator Lines Limited - India
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- Sinarmas Energy and Mining - Indonesia
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- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
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- Neyveli Lignite Corporation Ltd, - India
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Videocon Industries ltd - India
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- AsiaOL BioFuels Corp., Philippines
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- Sojitz Corporation - Japan
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- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Vizag Seaport Private Limited - India
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- London Commodity Brokers - England
- Singapore Mercantile Exchange
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- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
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- Petron Corporation, Philippines
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- Edison Trading Spa - Italy
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- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- PTC India Limited - India
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- Orica Australia Pty. Ltd.
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- Australian Commodity Traders Exchange
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- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
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- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
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- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
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- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Minerals Council of Australia
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- Ministry of Finance - Indonesia
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