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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, 21 March 19
PRICE PLUNGE AS CHINESE LEAVE THERMAL COAL OUT IN THE COLD - AUSTRALIAN FINANCIAL REVIEW
Thermal coal exporter New Hope Corporation says China’s shipment squeeze on Australia is putting downward pressure on prices in all markets i ...
Wednesday, 20 March 19
COAL EXPORT FEARS RESURFACE AS RESTRICTIONS HIT MORE CHINESE PORTS AND AUSTRALIAN PRICES COP A 'BELTING' - ABC
Australian thermal coal exports to China are under increasing pressure, with indications import restrictions are spreading to other key ports.
...
Monday, 18 March 19
A 56,000DWT SHIP FIXED DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY CHINA, AT $10,000 - BALTIC BRIEFING
Capesize
The Baltic Capesize market shrugged off its recent negative sentiment to post daily incremental improvements over the last week. Pacif ...
Saturday, 16 March 19
AUSTRALIAN COAL STILL FACING CHINESE DELAY - AAP
Australian coal exports to China are still facing delays, with protectionism and environmental checks blamed for the slowdown.
Coal ...
Thursday, 14 March 19
SUPRAMAX: INDO COAL CARGOES GETTING FIXED AT AROUND US$ 12000 TO CHINA - FEARNLEYS
Capesize
Average daily earning still well below operating costs, and owners keep bleeding - but nevertheless finally some bright spots for the ...
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Showing 1446 to 1450 news of total 6871 |
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- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Australian Coal Association
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
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