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