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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, 17 April 19
ONCE AGAIN WE FACED WITH THE SITUATION OF THE DRY BALTIC INDEX BEING BELOW 1,000 POINTS - INTERMODAL
Once again we are faced with the situation of the Dry Baltic Index being below 1,000 points. In a market where the feeling of insecurity is almost ...
Wednesday, 17 April 19
LNG WESTERN AFRICA CONFERENCE 2019
The only LNG Focus Platform to Accelerate Investment and Cooperation in Western African Countries
LNG Western Africa Conference 2019 ...
Saturday, 13 April 19
IMO 2020 - DON'T SCRUB IT! - IVAR MYKLEBUST
KNOWLEDGE TO ELEVATE
Höegh Autoliners stands firm on its decision not to implement scrubbers but comply with the IMO 2020 regulations by ...
Saturday, 13 April 19
CAPESIZE: WEST AUSTRALIA TO CHINA IRON ORE CARGOES LIFTING FROM $4.60 PMT TO ABOVE $5.00 - BALTIC BRIEFING
Capesize
The market saw a steep ascent from the depths of last week. The Baltic Capesize Index (BCI) 5TC opened on Monday at $5,099, although b ...
Friday, 12 April 19
OIL MARKET REPORT: MIXED SIGNALS - IEA
The huge increase in oil production we saw in 2H18 has reversed following the implementation of the new Vienna Agreement and the increasing effecti ...
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Showing 1416 to 1420 news of total 6871 |
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- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Borneo Indobara - Indonesia
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