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