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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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Sunday, 09 June 19
SUPRAMAX: ASIA LOST GROUND; THE INDIAN OCEAN SAW SLOWER ACTIVITY - BALTIC BRIEFING
Capesize
The market continued in an unusually steady ascent last week. With no major news in the market, each day improved on the last, breakin ...
Friday, 07 June 19
KOEN INVITED BIDS FOR 1.87 MILLION TONS OF COAL FOR JULY - OCTOBER 2019 DELIVERY
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,700,000 to 1,870,000 Metric Tons ...
Wednesday, 05 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
The first semester of 2019 started as a fairly positive semester for the offshore sector whilst there was a recovery on crude prices, as well as a ...
Tuesday, 04 June 19
MARPOL ANNEX VI - SULPHUR CAP 2020 - DEMYSTIFYING THE FONAR - SKULD
KNOWLEDGE TO ELEVATE
Fuel Oil Non-Availability Report (FONAR) is primarily a discretionary tool for a Member State to lessen the breach of MAR ...
Monday, 03 June 19
SUPRAMAX: A 61,000 TONNER OPEN NORTH CHINA, FIXING A TRIP VIA INDONESIA, REDELIVERY SOUTHEAST ASIA AT $7,500 - BALTIC BRIEFING
Capesize
The market continued its steady ascent over the past week to improved levels. The TC average opened the previous week at $12,243 and c ...
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Showing 1391 to 1395 news of total 6871 |
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- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- The University of Queensland
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- White Energy Company Limited
- SMC Global Power, Philippines
- MS Steel International - UAE
- Singapore Mercantile Exchange
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