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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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Sunday, 20 January 19
OIL MARKET REPORT: A MARATHON, NOT A SPRINT - IEA
Last month, we asked if there was a floor under prices following the signing of a new Vienna Agreement that aims to re-balance the oil market. Foll ...
Thursday, 17 January 19
EIA ESTIMATES THAT U.S. COAL EXPORTS WERE 116 MMST IN 2018, 20% HIGHER THAN THE AMOUNT EXPORTED IN 2017
Coal Supply
EIA estimates that coal production declined by 20 million short tons (MMst) (3%) in 2018, despite a 19 MMst increase in U.S. coal e ...
Thursday, 17 January 19
U.S COAL OUTPUT IS EXPECTED TO FALL BY 3 PER CENT IN 2019 - EIA
EIA forecasts that U.S. coal production will total 729 million short tons (MMst) in 2019, down by 25 MMst (3%) from 2018.
Acco ...
Wednesday, 16 January 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we go through the first days of the year and just a few weeks before the Chinese New Year, the ship repair sector is witnessing a big difference ...
Monday, 14 January 19
KOREA SOUTHERN POWER INVITES BIDS FOR 320,000 MT OF MIN 3,800 NCV 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 coal for ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- VISA Power Limited - India
- The University of Queensland
- Indian Oil Corporation Limited
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
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