We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 22 January 19
9TH GLOBAL MANUFACTURING SUPPLY CHAIN INNOVATION SUMMIT 2019
Rethinking the supply chain in manufacturing is a must at the digital era along with the industry transforming and innovating; new manufacturing is ...
Tuesday, 22 January 19
AUSTRALIA'S YANCOAL PRODUCED 50 MMT SALEABLE COAL IN 2018 UP 59 PER CENT ON THE YEAR PRIOR, THE QUARTERLY REPORT SHOWS
According to the report, the miner's quarterly (Q4' 18) saleable coal production of 12.4 Mmt. Includes 10.5 Mmt (85 per cent) from the Comp ...
Monday, 21 January 19
KOSPO INVITING BIDS FOR 320K MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 3,800 kcal/kg NCV low calo ...
Monday, 21 January 19
SUPRAMAX: INDONESIAN COAL RUNS, TONNAGE WAS GIVING APS DELIVERIES AND A 57,000DWT SHIP FIXED AT $7,000 FOR A TRIP TO WEST COAST INDIA - BALTIC BRIEFING
Capesize
A positive end to a week that saw rates on the West Australia/China run slip below $6.00, as charterers faced a plentiful supply ...
Monday, 21 January 19
HARD COAL WORLD TRADE IN 2018 RISES BY 3.7 PER CENT; GLOBAL HARD COAL PRODUCTION INCREASES BY 1.7 PER CENT - VDKI
Global Hard Coal Production Increases By 1.7%.
According to provisional calculations by the German Coal Importer Association (VDKi), ...
|
|
|
Showing 1486 to 1490 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Australian Coal Association
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Bhatia International Limited - India
- Economic Council, Georgia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Mjunction Services Limited - India
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
|
| |
| |
|
