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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, 24 June 19
KOMIPO INVITED BITUMINOUS COAL BIDS FOR BORYEONG & SHIN BORYEONG POWER PLANTS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 260,000 MT MT of min. 5700 NAR coal and 240,000 MT of min. 4,600 k ...
Sunday, 23 June 19
SUPRAMAX: A 56,000-DWT WAS FIXED FROM INDONESIA TO VIETNAM AT $10,000 - BALTIC BRIEFING
Capesize
The story over the past week has been largely Atlantic dominated as the basin’s uniquely volatile characteristics came into play ...
Saturday, 22 June 19
OPEC'S BATTLE FOR CONTROL OF THE OIL MARKET - WOOD MACKENZIE
Oil supply is confounding expectations. We have just raised our forecasts for non-OPEC production, the latest in a series of incremental increases. ...
Friday, 21 June 19
INDONESIA'S BAYAN RESOURCES SIGNED A COAL SUPPLY AGREEMENT WITH THE BANGLADESH BCPCL TO SUPPLY 23 MILLION TONS OF COAL FOR 10 YEARS
On Monday, 17th June 2019, PT. Bayan Resources signed a Coal supply Agreement with the Bangladesh- China Power Company (Pvt.) Limited. BCPCL is a j ...
Thursday, 20 June 19
BUMI RESOURCES EXPECTS TO SELL 42 MILLION TONS OF COAL IN FIRST HALF - JAKARTA POST
PT Bumi Resources (BUMI), Indonesia's largest thermal coal miner, expects to close the first half of this year with coal sales of 42 million to ...
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Showing 1376 to 1380 news of total 6871 |
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- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- PTC India Limited - India
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- White Energy Company Limited
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
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