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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, 28 April 19
SUPRAMAX: A 54,000DWT VESSEL OPEN GRESIK FIXED VIA AUSTRALIA, REDELIVERY CHINA, IN THE MID $12,000S - BALTIC BRIEFING
Capesize
Following the holidays, activity increased in both the Pacific and Atlantic Basins. The 5TC average rallied, closing at $8,596, up $1, ...
Wednesday, 24 April 19
PANAMAX: IN THE EAST, THE MARKET MOVED SIDE-WAYS, WITH FEWER COAL CARGOES FROM INDONESIA PUTTING PRESSURE ON RATES - INTERMODAL
Sentiment in the Dry Bulk market slowly but steadily kept improving last week as Capesize rates remained in recovery mode and Panamax earnings also ...
Wednesday, 24 April 19
SHIPPING MARKET INSIGHT - IS THIS A BANKERS' MARKET? - INTERMODAL
Over the last 10 years, many of the traditional and top lending banks have made the decision to either downsize their portfolios or even exit shipp ...
Monday, 22 April 19
COAL INDIA TO ASK POWER PLANTS TO CUT COAL IMPORTS - DNA
Co to encourage import substitution with domestic supplies at power plants
Surge in coal imports has now forced Coal India Ltd (CIL) ...
Thursday, 18 April 19
BIMCO SEES HARD TIMES AHEAD FOR CAPESIZES
China’s increased use of scrap metal for its production of crude steel is fundamentally critical to the dry bulk shipping industry. Mostly Ca ...
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Showing 1411 to 1415 news of total 6871 |
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- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Planning Commission, India
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
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