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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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Friday, 04 January 19
FOCUS IS ON BOOSTING COAL PRODUCTION: INDIAN COAL MINISTER
The current focus of the government is on boosting production from operational coal mines, according to Minister for Coal, Piyush Goyal.
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Thursday, 03 January 19
CAPESIZE: A MORE POSITIVE START OF THE NEW YEAR THAN EXPECTED FOR THE BIG SHIPS - FEARNLEYS
Capesize
A more positive start of the new year than expected for the big ships, with average gains of US$ 500/day posted on the first tra ...
Tuesday, 01 January 19
INDONESIA: COAL PRODUCTION EXPECTED TO EXCEED THIS YEAR'S TARGET - JP
Indonesian coal production reached 456 million tons up to Thursday or 94.02 percent of this year’s total target of 485 million tons, accordin ...
Monday, 31 December 18
THE INDONESIAN COAL MARKET Q1 '19 FORECAST: LOOKS DIRECTIONLESS - TRADER
The Indonesian coal market looks directionless, an International coal trader said when we asked him to give his forecast for 1Q' 2019.
...
Monday, 31 December 18
GLOBAL COAL DEMAND GREW BY 1% IN 2017; GLOBAL COAL POWER GENERATION INCREASED BY OVER 250 TWH - IEA
After two years of decline, global coal demand grew by 1% in 2017 to 7585 Mt as stronger global economic growth increased both industrial output an ...
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- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- PTC India Limited - India
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
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