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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, 13 February 19
MALAYSIA WAS THE REGION'S LARGEST COAL IMPORTER WITH 34 MT IN 2018, UP 25% Y-O-Y
Although coal market in 2018 started with strong prices, starting in the beginning of the second half of 2018, the international spot prices for co ...
Wednesday, 13 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
If there is one word that can describe the current shipping environment then that this word is most probably “volatility.” The sentimen ...
Saturday, 09 February 19
SUPRAMAX: A 63,000-TONNER WAS REPORTED FIXED DELIVERY FOR AN EAST KALIMANTAN TRIP, REDELIVERY WEST COAST INDIA, AT $9,250 - THE BALTIC BRIEFING
Cape
The Vale disaster weighed heavily on the market for big ships, with uncertainty about shipments/future exports leading to a sharp drop in ...
Friday, 08 February 19
LOWER-QUALITY INDONESIA EXPORTS ROSE 39 MT IN 2018 YOY PRIMARILY IN RESPONSE TO INCREASED DEMAND FROM CHINA AND INDIA - PEABODY
"Underlying seaborne met and thermal coal conditions remain quite positive and the pace of U.S. coal-fueled power plant retirements is expecte ...
Thursday, 07 February 19
QATAR CAN GAIN FROM DECLINING COAL - THE PENINSULA
With North America and Europe closing down their old coal and nuclear plants, major gas exporters like Qatar can and should gain market share. With ...
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Showing 1471 to 1475 news of total 6871 |
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- Marubeni Corporation - India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- MS Steel International - UAE
- CNBM International Corporation - China
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
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