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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
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Sunday, 15 September 19
SUPRAMAX / ULTRAMAX: MORE STEMS WERE NOTICED GOING TO VIETNAM FROM INDONESIA - BALTIC BRIEFING
Capesize
Overall it was a negative week for the Capesize market, with many routes losing ground. A limited amount of time charter appeare ...
Wednesday, 11 September 19
THE INDONESIAN COAL PRICE REFERENCE FELL HEAVILY IN SEPTEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 11 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
We are going through one of the rare instances where we see optimism building in the dry bulk industry and, as the momentum is still going, the bel ...
Monday, 09 September 19
INDIAN COMPANIES READY TO INVEST IN DEVELOPMENT OF NEW COAL DEPOSITS IN RUSSIA'S YAKUTIA - TASS
Indian metallurgical companies, which received trial batches of coal from Kolmar mining company, are satisfied with the quality of the products and ...
Monday, 09 September 19
COLOMBIA COAL OUTPUT DOWN YEAR-ON-YEAR IN 2ND QUARTER - REUTERS
Colombia, the world’s fifth-largest exporter of coal, produced 18.9 million tonnes of the fuel in the second quarter, down 4.5% from the same ...
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Showing 1341 to 1345 news of total 6871 |
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Australian Coal Association
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
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