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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, 11 August 19
ULTRAMAX: A 58,000DWT VESSEL OPEN KEMAMAN FIXED FOR TWO TO THREE LADEN LEGS, REDELIVERY SINGAPORE-JAPAN, AT $12,250 - BALTIC BRIEFING
Capesize
With typhoon Lekima gathering pace, numerous China ports were closed by the end of the week and will likely be for two to three days. ...
Tuesday, 06 August 19
SHIPPING MARKET INSIGHT - INTERMODAL
On the 12th of May four tankers were attacked near the coast of Fujairah. The tankers hit were waiving international flags such as that of No ...
Monday, 05 August 19
SUPRAMAX: COAL FROM INDONESIA TO CHINA PAID AT MID $8,000S ON A 57,000-TONNER DELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
Having hit a high of $32,963 early last week, the Capesize 5TC now stands at $25,749. This is over 20% of its value lost in 10 days. C ...
Thursday, 01 August 19
PANAMAX: THE SENTIMENT IN THE MARKET IS STILL POSITIVE FOR THE LONGER TERM - FEARNLEYS
Capesize
Two weeks ago the 5TC index was at 33,000 USD pd. Since then it has fallen off a bit and has stayed around 27,000 USD pd the last week ...
Thursday, 01 August 19
INDIKA ENERGY REVENUES DECLINE DUE TO LOW COAL PRICES
One of the largest Indonesian integrated energy companies PT Indika Energy Tbk posted revenues of US $ 1,380.4 million, down 4.6% compared to US $ ...
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Showing 1351 to 1355 news of total 6871 |
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- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Planning Commission, India
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
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