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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, 11 March 19
SUPRAMAX: A 61,000 DWT VESSEL WAS BOOKED SINGAPORE FOR A TRIP VIA INDONESIA TO CHINA AT $10,500 - BALTIC BRIEFING
Capesize
A faint glimmer of hope with the suggestion the market may have finally bottomed out, with owners attempting to resist further cuts in ...
Friday, 08 March 19
KOMIPO INVITES BIDS FOR 2.6 MILLION TONS OF AUSTRALIAN 5700 NAR COAL FOR FIVE YEARS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Australian origin to be burnt ...
Friday, 08 March 19
CHINA'S COAL DEMAND FORECAST TO DROP SLOWLY - YONHAP
China’s coal demand is expected to fall at a snail’s pace over the next 20 years due to the country’s preference for the cheap fo ...
Thursday, 07 March 19
INDONESIAN COAL PRICE REFERENCE PLUNGE TO LOWEST IN SEVEN MONTHS
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 06 March 19
KOSPO INVITES BIDS FOR 80,000 MT OF 3800 NCV COAL FOR 21 - 30 MARCH, 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 80,000 MT of min 3,800 kcal/kg NCV low calor ...
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Showing 1451 to 1455 news of total 6871 |
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- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
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