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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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Tuesday, 19 February 19
AUSTRALIA'S COAL FUTURE UNDER THREAT AS MORE CHANGES HIT FOSSIL FUELS GLOBALLY - ABC
Two disparate decisions from opposite corners of the world have sounded warnings for the future of Australia’s coal industry.
...
Tuesday, 19 February 19
FAST DEPLETING COAL RESERVES COULD PUSH UP ENERGY PRICES, CAUTIONS EXPERT - THE HINDU BUSINESS LINE
The fast depletion of coal, a strategic resource and India’s fuel of choice currently, has huge implications for energy costs, according to K ...
Monday, 18 February 19
INDIA'S COAL IMPORT FALLS TO 17.25 MT IN JANUARY - PTI
Coal imports saw a decline in January FY 2019 to 17.25 MT from 19.59 MT in the same month of the previous fiscal, according to a report by mjunctio ...
Monday, 18 February 19
THE ROLE OF COAL IN INDIA'S ENERGY AMBITIONS - WCA
India is the world’s second most populous country and figures among the world’s most rapidly growing economies.
The Sout ...
Saturday, 16 February 19
COALTRANS CHINA 2019, CHINA'S LARGEST COAL INDUSTRY GATHERING
Press Release: Coaltrans China 2019 | With the import ban likely to be lifted, it’s time for you to meet your potentia ...
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- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- The University of Queensland
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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