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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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Tuesday, 16 July 19
SUPRAMAX: THE ASIAN ARENA WAS SPLIT, WITH A BUILD-UP OF TONNAGE AND LACK OF ENQUIRY IN THE NORTH - BALTIC BRIEFING
Capesize
It was a Brazilian affair with a strong splash of bunkers characterising the Capesize market over the past week. Largely traded in Eur ...
Wednesday, 10 July 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR HCV AND LCV COAL FOR AUGUST 2019 LOADING
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for total 460,000 to 500,000 Metric To ...
Wednesday, 10 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
In contrast with the general expectations for the dry bulk market, the sector was not positive or even stable during the past 6 months. The warning ...
Monday, 08 July 19
INDONESIAN COAL PRICE REFERENCE POSTS BIGGEST MONTHLY LOSS SINCE JANUARY 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 08 July 19
ULTRAMAX: A 52,000-TONNER OPEN CJK FIXED FOR A TRIP VIA INDONESIA WITH RE-DELIVERY CHINA AT $6,100 - BALTIC BRIEFING
Capesize
The Capesize market surged over the past week, reaching highs not seen since August last year. Widespread activity in both basins saw ...
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Showing 1366 to 1370 news of total 6871 |
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- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Sical Logistics Limited - India
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- The University of Queensland
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
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