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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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Thursday, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
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Showing 1406 to 1410 news of total 6871 |
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- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Parliament of New Zealand
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- VISA Power Limited - India
- Energy Development Corp, Philippines
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