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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, 29 January 19
HARD COAL BEARS THE BRUNT OF THE RECOMMENDATIONS OF THE COMMISSION GROWTH STRUCTURAL CHANGE AND EMPLOYMENT - VDKI
Press Release: Hard coal bears the brunt of the recommendations of the Commission Growth Structural change and employment.
In its fi ...
Tuesday, 29 January 19
CHINA HAS BEEN THE TOP DRIVER OF GLOBAL GROWTH FOR NEARLY TWO DECADES - ALLIED
China has been the top driver of global growth for nearly two decades now, pushing demand for seaborne trade and being the key influencer for deman ...
Saturday, 26 January 19
SUPRAMAX: NICKEL ORE RUNS SAW A 56K DWT VESSEL, DELIVERY PHILIPPINES, FIXED FOR A TRIP TO CHINA AT $6K - BALTIC BRIEFING
Capesize
A week of dashed hopes for owners as the optimism evident the previous week evaporated. Rates slipped on all routes and underlying thr ...
Thursday, 24 January 19
ANOTHER DISAPPOINTING WEEK FOR PANAMAX OWNERS; MARKET CONTINUES DOWN IN BOTH BASINS - FEARNLEYS
Capesize
The week has been marked by low activity and dropping rates in both basins. As usual, supply additions have increased at the beginning ...
Thursday, 24 January 19
KOREA SOUTHERN POWER INVITED BIDS FOR 960K MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
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Showing 1481 to 1485 news of total 6871 |
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- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- ICICI Bank Limited - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- MS Steel International - UAE
- Planning Commission, India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
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