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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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Monday, 01 April 19
AUSTRALIAN COAL AT RISK FROM CHINA MOVE, WARNS GOVERNMENT REPORT - SYDNEY MORNING HERALD
A new government report warns China’s restrictions on coal imports is the number one risk for Australian coal this year and could lead to a s ...
Saturday, 30 March 19
KOEN INVITES BIDS FOR 450,000 TONS OF (SUB) BITUMINOUS COAL FOR H1 AND JUNE 2019
South Korea state-owned utility KOREA SOUTH-EAST POWER CO., LTD. (KOEN) issued a tender for total 450,000 MT of min. 4300, 3500 and 5600 NCV ...
Wednesday, 27 March 19
SHIPPING MARKET INSIGHT - INTERMODAL
Contrary to the December 2018 forecasts but in line with the expectations of the dry bulk market, the first quarter of the year closed negatively. ...
Saturday, 23 March 19
IT WAS A POSITIVE WEEK FOR THE HANDY SIZE MARKET - BALTIC BRIEFING
Capesize
The big ships endured heavy losses last week extinguishing any hopes from the recent minor rally. Negative sentiment gained pace throu ...
Friday, 22 March 19
CHINA MARKET: COAL OUT IN THE COLD - BUSINESS RECORDER
Though China maintains there is no ban, China-bound Australian coal shipments are looking for a new home. For the past few months, coal cargoes are ...
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Showing 1441 to 1445 news of total 6871 |
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- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
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