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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, 12 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, rangin ...
Tuesday, 11 June 19
INDONESIAN COAL PRICE REFERENCE SET AT $81.48 PER TON IN JUNE, DOWN 15.66 PERCENT YEAR-ON-YEAR
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, 10 June 19
CONSECUTIVE OWNERS OF CARGO: WHO HOLDS TITLE AND THE RIGHT TO SUE? - COLIN BIGGERS & PAISLEY
KNOWLEDGE TO ELEVATE
In Tritton Resources Pty Ltd v Ever Rock Navigation S.A. [2019] FCA 276, the Federal Court considered the application of ...
Monday, 10 June 19
KOSPO INVITES BIDS FOR 1,305,000 MT OF MIN 5600 KCAL/KG NCV COAL FOR SEPT 2019 TO DEC 2021
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 435,000 MT (per year) of max 5,600 kcal/kg N ...
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Showing 1386 to 1390 news of total 6871 |
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- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
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