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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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Wednesday, 19 December 18
GLOBAL SHIPPING SCOUTS FOR FUTURE GROWTH - PETER SAND, BIMCO
Where do we go to find economic growth that spurs shipping demand in the next five years? According to the International Monetary Fund (IMF), we sh ...
Wednesday, 19 December 18
SHIPPING MARKET INSIGHT - INTERMODAL
As another year is coming to an end, it is interesting to look at the main shipping markets and how these performed compared to 2017.
&nb ...
Tuesday, 18 December 18
COAL DEMAND WILL REMAIN STEADY THROUGH 2023, INTERNATIONAL ENERGY AGENCY SAYS - TOM DICHRISTOPHER, CNBC
Coal consumption is on the rise but will remain roughly stable over the next five years, the International Energy Agency forecasts.
...
Tuesday, 18 December 18
DRY BULK: IN ABSOLUTE TERMS, ALL MAIN SIZE SEGMENTS SAW THEIR ACTUAL VOLATILITY FIGURES DECREASE - ALLIED
Since the beginning of 2016, when the dry bulk market reached its absolute bottom, freight rates have been ever since on an upward trajectory. Taki ...
Tuesday, 18 December 18
COAL OUTLOOK BULLISH DESPITE WEAK CHINESE IMPORT DATA - HEREN, ICIS
Coal prices may appreciate over the remainder of 2018 even despite recent data showing falling imports from the world’s largest producer and ...
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Showing 1521 to 1525 news of total 6871 |
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- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Planning Commission, India
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- McConnell Dowell - Australia
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
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