We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
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 ...
|
|
|
Showing 1511 to 1515 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Planning Commission, India
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- White Energy Company Limited
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
|
| |
| |
|
