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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, 09 January 19
SHIPPING MARKET INSIGHT - INERMODAL
Paraphrasing the words of a Chief economist in a latest report of the World Bank Group, the current state of the shipping market very much resemble ...
Tuesday, 08 January 19
GLOBAL TRADE GROWTH EXPECTED TO REMAIN AT HEALTHY IN 2019 - ALLIED
2019 is here and we find ourselves with new challenges for the shipping industry and the global economy as whole, with market prospects being neith ...
Monday, 07 January 19
THE NEWCASTLE BENCHMARK SPOT PRICE IS FORECAST TO DECLINE FROM AN ESTIMATED AVERAGE OF US$105 A TONNE IN 2018 TO US$74 A TONNE IN 2020 - DEPARTMENT OF INDUSTRY, AUSTRALIA
• The Newcastle benchmark spot price is forecast to decline from an estimated average of US$105 a tonne in 2018 to US$74 a tonne in 2020, prim ...
Monday, 07 January 19
INDONESIAN GOVERNMENT DECLARED COAL BENCHMARK PRICE FALLS FOR FIFTH STRAIGHT MONTH IN JANUARY 2019; LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 07 January 19
RUSSIA'S COAL PRODUCTION UP 5.9% TO 433.4 MLN TONNES IN 2018 - TASS
Coal production in Russia in 2018 increased by 5.9% year-on-year to 433.4 mln tonnes, according to the Central Dispatching Department of Fuel Energ ...
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- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Australian Coal Association
- MS Steel International - UAE
- White Energy Company Limited
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
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