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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, 10 April 19
KOSPO INVITED BIDS FOR 160K MT OF MIN. 3700 NCV COAL FOR JUNE LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 160,000 MT of min. 3,800 Kcal/kg ~max.4,100 ...
Wednesday, 10 April 19
CHINA'S GROWING THERMAL COAL SUPPLY TO PRESSURE EXPORTERS - FITCH RATINGS
Growing Chinese thermal coal supply is likely to lead to further tightening of import controls by the government, putting pressure on seaborne coal ...
Wednesday, 10 April 19
SHIPPING MARKET INSIGHT - INTERMODAL
The tragedy in Brazil’s Vale Brumadinho where a tailings dam collapsed in January ranks among the world’s worst mining disasters. It co ...
Monday, 08 April 19
5TH INDIA NUCLEAR NEW BUILD CONGRESS 2019
5th India Nuclear New Build Congress 2019
The congress in Mumbai aims to bring together representatives from governments, regulators ...
Monday, 08 April 19
THERMAL COAL PRICES FALL, INDIAN POWER PLANTS TO SEE LIMITED GAINS - BUSINESS STANDARD
Thermal coal prices are on a downward spiral globally. Australian coal prices have fallen nearly 20 per cent in the past week, and 40 per cent from ...
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Showing 1426 to 1430 news of total 6871 |
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- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
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