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