We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Saturday, 29 December 18
DELIVERY OF CARGO WITHOUT PRODUCTION OF THE ORIGINAL BILL OF LADING - TT CLUB
 KNOWLEDGE TO ELEVATE
As the bill of lading is a document of title, a person presenting it to the carrier or its agent is ostensibly entitled to collect the goods and the carrier cannot refuse to deliver the goods to that person. If someone claiming to be the receiver cannot produce the bill, what evidence is there that they are entitled to the goods?
There are innumerable circumstances which may lead to a request to release cargo without the production of the original bill(s). A sale contract may have collapsed and the seller may want to sell to someone else. The consignee may be facing cash flow issues or have a financial dispute with the shipper. In extreme circumstances, the supposed receiver’s intention may be to steal the cargo and the sale proceeds, while the seller or the bank still retains the original documents.
As the original bills represent surety for the purchase price, if the carrier hands the goods over to an unauthorised party who does not hold the original, he is effectively denying the legitimate holder the security the original bills represent, by virtue of preventing that entity from themselves surrendering the bill and collecting the goods from the carrier.
Action steps
If the receiving agent asks for authority to release the cargo to a consignee who cannot present an original bill of lading, it is recommended that you consult your legal or insurance advisors in order to obtain the correct indemnity before entertaining any such request. A sound indemnity must include at least:
- Backing by a first class bank, insurance company or mutual association;
- Adequate undertaking value (usually not less than 200% of the CIF value of goods);
- Indemnity for all claims and costs in association with issuing a duplicate bill;
- Validity for at least as long as the minimum period for legal actions under contract in the relevant jurisdictions (not just the time-bar period stated in the conditions of carriage);
- An effective law and jurisdiction clause to enforce the indemnity.
- There are also some further practical comments to make and matters to be considered.
As discussed in the article on lost documents, it is always prudent to check with the exporter/shipper (where known) that payment has been made and that it is therefore in order to release the goods from that perspective.
Under no circumstances accept a ‘guarantee’ signed by the importer alone; it is critical to take robust steps to protect the legal position and secure a full bank guarantee or letter of indemnity.
“It is critical to take robust steps to protect the legal position and secure a full bank guarantee or letter of indemnity”
Implement explicit and adequate training for staff, together with a full escalation process whereby only a designated senior member of staff has the authority to approve requests for irregular releases.
Naturally, ensure you collect any charges due to you or others (freight, duty/ tax, shippers’ disbursements, demurrage etc.) before releasing goods. Conversely, do not let any debate or argument about such costs blind you to the absence of the bill of lading.
Do not succumb to any commercial pressure to release goods without the appropriate documents. Under no circumstances accept faxed or photocopied bills of lading or guarantees. Only act upon receipt of original documents.
Source: TT Club
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 17 September 19
THE DRY BULK FREIGHT MARKET IS ALREADY ON A DOWNWARD CORRECTION - ALLIED
Here we are again, just a breath before the final quarter of the year. Under typical circumstances and on the basis of what we have seen during the ...
Monday, 16 September 19
COLOMBIAN COAL PRODUCTION TO FALL 5% THIS YEAR, MINING GROUP SAYS - REUTERS
Colombia’s coal production will decline to around 80 million tonnes in 2019, nearly 5% below last year’s, because of low prices and dro ...
Monday, 16 September 19
THE COAL-D SHOULDER? - BALTIC EXCHANGE
Good fortune and the number 13 don’t usually go hand in hand, but when it comes to coal, 2013 actually seems to have been the commodity&rsquo ...
Monday, 16 September 19
SCRUBBERS AND FUEL PROFIT SHARE CLAUSES - CLYDE&CO
From 1 January 2020, Regulation 14 of MARPOL Annex VI provides that the sulphur content in fuel oil used on board ships shall be reduced from a max ...
Monday, 16 September 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR MAX 1,290,000 METRIC TONS OF STEAMING COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for total 1,290,000 Metric Tons steam coal.
...
|
|
|
Showing 1336 to 1340 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- The University of Queensland
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
|
| |
| |
|
