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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, 06 February 19
FEBRUARY 2019 INDONESIA'S COAL REFERENCE PRICE FELL 8.83 PERCENT YOY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Wednesday, 06 February 19
THE BDI HAS EASED BACK TO 645 BP, ITS LOWEST LEVEL SINCE AUGUST 2016 - ALLIED
The dry bulk sector is in the doldrums, with most market participants seemingly left utterly perplexed, and simultaneously, in pursuit of any posit ...
Monday, 04 February 19
COAL STILL IN HIGH DEMAND GLOBALLY
Although the world is switching to renewable energy there is still a big demand for coal around the globe.
This is according to Cany ...
Friday, 01 February 19
ULTRAMAX WAS FIXED DELIVERY KALIMANTAN, FOR TRIP TO WEST COAST INDIA AT $7,000 - BALTIC BRIEFING
Capesize
The Vale dam tragedy sparked a sharp fall in rates across all regions even where tonnage remained tight. The potential loss of product ...
Friday, 01 February 19
SEMBCORP SELECTS NORDEN FOR LONG-TERM INDIAN CONTRACT
NORDEN A/S has signed a 10-year Panamax Contract of Affreightment (COA) with Indian utility firm Sembcorp Energy India Ltd.
From 1 A ...
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- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- White Energy Company Limited
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
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