We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Thursday, 16 May 19
SUPRAMAX: INDO/CHINA COAL RV TRADING AROUND US$ 9,000 BSS S.CHINA DELIVERY - FEARNLEYS
Capesize
This volatile segment is trying to find a clear direction from the present US$ 12,000/day earnings for standard units says Fearnleys W ...
Wednesday, 15 May 19
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
Modern warfare - Trade wars & sanctions
As of May 1st, the U.S. has ended waivers to the sanctions that had allowed the top buyers of Irani ...
Monday, 13 May 19
INDONESIAN COAL PRICE REFERENCE CONTINUES TO FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 13 May 19
SUPRAMAX: SOUTHEAST ASIA THE MARKET SAW BETTER DEMAND - BALTIC BRIEFING
Cape
The market continued its rollercoaster ride last week opening with negative sentiment, but turning around in dramatic fashion by the week& ...
Thursday, 09 May 19
DEEP OFFSHORE SOUTHEAST ASIA CONGRESS 2019
Deep Offshore Southeast Asia Congress 2019
Event Date:2-3th July. 2019t
Location: Jakarta, Indonesia
Sarawak Shell Berhad (S ...
|
|
|
Showing 1401 to 1405 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- The University of Queensland
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Minerals Council of Australia
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Australian Coal Association
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
|
| |
| |
|
