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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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Monday, 24 December 18
DRY BULK MARKET: CAPESIZE MARKET ON BACKFOOT AS 2018'S END DRAWS NEAR - THE BALTIC BRIEFING
Capesize
Panic set in in the East as the holiday season approaches, with owners chasing rates lower. Rates on the key West Australia/China route ...
Friday, 21 December 18
4.2 MILLION DWT OF DRY BULK SHIPS SCRAPPED UNTIL 17 DEC, DOWN 71.6% Y/Y - BIMCO
2018 has been a slow year for dry bulk demolitions, with only 4.2 million DWT scrapped (as of 17 December), down 71.6% compared to last year. An al ...
Thursday, 20 December 18
INDONESIAN COAL PRICES DIVERGE FROM KEY BENCHMARK - FITCH RATINGS
The Newcastle 6,000kcal coal price benchmark that is widely used to determine most coal price estimates for Indonesian coal miners has increasingly ...
Wednesday, 19 December 18
CHINA'S IMPORT RESTRICTIONS ON COAL SPOILS THE PARTY FOR PANAMAXES - DREWRY
The Chinese government’s objective of suppressing coal and lignite imports in November and December 2018 is adversely impacting demand for Pa ...
Wednesday, 19 December 18
GLOBAL COAL DEMAND SET TO REMAIN STABLE THROUGH 2023, DESPITE HEADWINDS - IEA
While global coal demand looks set to rise for the second year in a row in 2018, it is forecast to remain stable over the next five years, as decli ...
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Showing 1516 to 1520 news of total 6871 |
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- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- PTC India Limited - India
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- MS Steel International - UAE
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