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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, 30 December 18
MAJOR LNG BUYERS' UNCONTRACTED DEMAND TO QUADRUPLE BY 2030 - WOOD MACKENZIE
Wood Mackenzie’s latest research reveals that uncontracted demand by the world’s seven largest LNG buyers could quadruple to 80 million ...
Friday, 28 December 18
BIMCO 2020 SULPHUR CLAUSES: "A FAIR ALLOCATION OF RESPONSIBILITIES AND LIABILITIES'? - INCE & CO.
To assist owners and charterers to address the legal issues arising under any time charterparties, which will span the 1 January 2020 implementatio ...
Thursday, 27 December 18
DRY BULKERS SPOT FREIGHT MARKET W/E 21 DEC - ALLIED SHIPBROKING
Capesize
A negative week for the Capesize sector, as activity remained at low levels, especially in the Pacific, with rumors regarding agreed r ...
Thursday, 27 December 18
SHIPPING IS ENTERING A NEW ERA OF EVER CHALLENGING CONDITIONS - ALLIED
As we move closer to the end of the year and we look forward into New Year, we are still finding ourselves looking deep into a market outlook full ...
Tuesday, 25 December 18
FUEL QUALITY AND SAFETY IN IMO CONVENTIONS: A GROWING CHALLENGE, EVEN PRIOR TO 1 JANUARY 2020 - IUMI
At the 100th session of the International Maritime Organization’s (IMO) Maritime Safety Committee (MSC) meeting discussions on fuel quality a ...
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Showing 1511 to 1515 news of total 6871 |
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- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- The University of Queensland
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- White Energy Company Limited
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
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