VALENCY INTERNATIONAL PTE LTD V JSW INTERNATIONAL TRADECORP PTE LTD AND OTHERS; OLDENDORFF CARRIERS GMBH & CO KG V VALENCY INTERNATIONAL PTE LTD; VALENCY INTERNATIONAL PTE LTD V JSW INTERNATIONAL TRADECORP PTE LTD AND OTHERS

[2026] SGCA 1, Singapore Court of Appeal,Steven Chong JCA, Belinda Ang Saw Ean JCA, Ang Cheng Hock JCA, 13 November 2025

Tort – Conversion – Instructions to release cargo under delivery orders – Whether an act of conversion – Bills of lading – Financier pledging bills of lading to issuing bank as security for loan – Bank returning bills of lading to financier under trust receipt arrangement – Whether pledge extinguished by redelivery of bills to the financier

JSW was the seller of a cargo of coal loaded on board the vessel Stella Cherise at Richard's Bay Coal Terminal in South Africa. It was also the sub–sub voyage charterer of the vessel from Oldendorff, itself a voyage charterer.