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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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Monday, 09 September 19
ULTRAMAX: ASIA A 58,000-TONNER FIXED DELIVERY FUZHOU, VIA INDONESIA, REDELIVERY CHINA, AT $12,800
Capesize
0px The market reached new heights this week as the 5TC topped $38,014, a level not seen in the sector since 2013. Fridays 5TC closed ...
Wednesday, 04 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
For yet another time, the market seems to have its own drivers. After a very disappointing first half, the recent recovery in the shipping market i ...
Tuesday, 20 August 19
NORDEN HAS BEEN AWARDED A 3-YEAR CONTRACT FOR THE TRANSPORTATION OF COAL FROM INDONESIA TO HONG KONG
NORDEN has been awarded a 3-year contract with a power company in Hong Kong for the transportation of coal from Indonesia to Hong Kong.
...
Tuesday, 20 August 19
THE AUGUST 2019 INDONESIAN COAL PRICE REFERENCE POSTS THE FIRST MONTHLY GAIN SINCE AUGUST 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Monday, 19 August 19
INDONESIAN COAL RUNS, A 82,000DWT SHIP WAS FIXED DELIVERY CHINA VIA INDONESIA, REDELIVERY JAPAN, IN THE MID $16,000S - BALTIC BRIEFING
Capesize
The Capesize market was buoyant in both basins this week, posting gains across the board. After bottoming out the previous week, rates ...
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Showing 1346 to 1350 news of total 6871 |
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- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
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