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.
|
|
Wednesday, 31 July 19
INDIA'S 2019 THERMAL COAL IMPORTS SEEN AT 180-185 MLN T - WOODMAC
India is expected to import 180-185 million tonnes of thermal coal in 2019, said Dale Hazelton, head of thermal coal at consultancy Wood Mackenzie. ...
Wednesday, 31 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
It was a fairly busy week in the dry S&P market. Despite the ease of Capesize rates which impacted Panamaxes as well, interest from potential b ...
Sunday, 28 July 19
ULTRAMAX - INDONESIAN COAL CARGOES SAW A 63,000DWT SHIP FIXING DELIVERY FOR A SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY CHINA, AT $11,700 - BALTIC BRIEFING
Capesize
The market was a white knuckled ride this past week as a large downside movement shed value quickly leaving many in bewilderment. The ...
Wednesday, 24 July 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.27 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.78 points Monday, down 0.27 percent week on week.
The index, released by Chi ...
Wednesday, 24 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
Tonnes of ink has been spent analysing the rebound of the dry bulk market the last weeks with the most representative example being the rising perf ...
|
|
|
Showing 1356 to 1360 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- MS Steel International - UAE
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
|
| |
| |
|
