Valency International Pte Ltd v JSW International Tradecorp Pte and Others [2026] SGCA 1 - Singapore Court of Appeal (Justice Steven Chong, Justice Belinda Ang Saw Ean and Justice Ang Cheng Hock) - 12 January 2026

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

By a contract dated 16 May 2018, JSW International Tradecorp Pte Ltd sold 55,000 mt of no-coking steam coal to Kamachi International. The coal was to be transported from Richard's Bay Coal Terminal in South Africa to any port in India. By a charterparty on the same date, JSW voyage chartered the vessel Stella Cherise from Oldendorff Carriers. Oldendorff was the sub-charterer of the vessel from Cara Shipping, which had chartered the vessel from her owners, Stella Cherise Pte.