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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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Showing 1506 to 1510 news of total 6871 |
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- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- The University of Queensland
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- PTC India Limited - India
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- MS Steel International - UAE
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
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