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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, 18 June 19
TANKER SHIPPING: WHILE WE WAIT FOR 2020 TO KICK IN, IT'S ALL ABOUT POLITICS - BIMCO
Demand drivers and freight rates
Iran, Libya and Venezuela face export limitations because of sanctions and internal political troubles. At the s ...
Saturday, 15 June 19
SUPRAMAX: A 58,000-TONNER, OPEN QINGDAO, WAS BOOKED TO REDELIVER IN EAST COAST INDIA AT $6,500 - BALTIC BRIEFING
Capesize
The market closed on a quiet Friday last week after a few hectic days of mid-week trading. Trade routes from Brazil to the Far East we ...
Friday, 14 June 19
PANAMAX: OUTLOOK IS MIXED - FERNLEYS
Capesize
Sentiment changed to a more nervous tone as pacific cargo volumes failed to deliver as expected, however latest activity indicates res ...
Friday, 14 June 19
ELECTRONIC (PAPERLESS) TRADING - SKULD
KNOWLEDGE TO ELEVATE
Electronic Shipping Solutions: Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A. (edoxOnline platfor ...
Wednesday, 12 June 19
KOSPO INVITES BIDS FOR 140,000 MT OF 4,600 NCV COAL FOR SEP. 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 140,000 MT of minimum 4,600 kcal/kg NCV coal ...
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- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- PTC India Limited - India
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- The University of Queensland
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- VISA Power Limited - India
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Planning Commission, India
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Minerals Council of Australia
- Parliament of New Zealand
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- White Energy Company Limited
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