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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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Wednesday, 03 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
The global shipping industry is facing numerous challenges at a time when geopolitical turmoil has escalated in view of the recent tension in the M ...
Monday, 01 July 19
COAL DEMAND RISES, BUT REMAINS BELOW PEAK LEVELS - FORBES
This article is the third in a series on BP’s recently-released Statistical Review of World Energy 2019. The Review provides a comprehensive ...
Saturday, 29 June 19
ULTRAMAX: FROM SOUTHEAST ASIA MORE COAL WAS ENTERING THE MARKET - BALTIC BRIEFING
Capesize
The market showed variability over the past week, as most routes were active yet sentiment differed from region to region. The Pacific ...
Wednesday, 26 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the first half of the year is almost over, it is worth looking back at the sale and purchase activity during these months, focusing on the segme ...
Tuesday, 25 June 19
THERMAL COAL FUTURES ON THE ZHENGSHOU EXCHANGE ROSE - DANIEL HYNES
Coal markets were buoyed by ongoing supply side issues.
According to Daniel Hynes, Senior Commodity Strategist of ANZ, the the ...
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- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
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