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