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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, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
Sunday, 26 May 19
SUPRAMAX: A LIMITED ACTIVITY WAS REPORTED, WITH THE UPCOMING INDONESIAN HOLIDAYS SLOWING COAL MOVEMENTS - BALTIC BRIEFING
Capesize
The past week marked one of the busier periods for Capesizes this year. With a subdued start due to a public holiday in Singapore on M ...
Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwi ...
Saturday, 18 May 19
SUPRAMAX: 56,000DWT OPEN PANJANG FIXING AT $10,500 FOR A TRIP VIA INDONESIA, AND REDELIVERY CHINA - BALTIC EXCHANGE
Capesize
The market continues to ebb and flow with a generally positive up trend. The Capesize 5TC opened with upward momentum from last week&r ...
Friday, 17 May 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Interocean Group of Companies - India
- White Energy Company Limited
- Australian Coal Association
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- The University of Queensland
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
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