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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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Tuesday, 18 December 18
TOBA BARA ACQUIRES SHARES OF PT BATU HITAM PERKASA
PT Toba Bara Sejahtra Tbk, through its subsidiary PT Toba Bara Energi (“TBE”), has acquired shares ...
Monday, 17 December 18
SUPRAMAX THERE WAS STRONGER DEMAND FROM SOUTHEAST ASIA, WITH MORE COAL BEING SHIPPED - BALTIC BRIEFING
Capesize
A positive end to last week after a somewhat uncertain start as some gains made were eroded. Rates recovered later for West Australia/ ...
Monday, 17 December 18
SOUTH KOREA STATE-OWNED UTILITY KOREA EAST-WEST POWER CO. LTD ISSUED A TENDER FOR MAX 3.220 MILLION TONS OF 4200 TO 5900 NAR COAL
COALspot.com: South Korea state-owned utility Korea East-West Power Co. Ltd (EWP) issued a tender for max 3,220,000 Metric Tons of coal to be loade ...
Saturday, 15 December 18
COMING CHANGES IN MARINE FUEL SULFUR LIMITS WILL AFFECT GLOBAL OIL MARKETS - EIA
International regulations limiting sulfur in fuels for ocean-going vessels, set to take effect in January 2020, have implications for vessel operat ...
Friday, 14 December 18
KOSPO INVITED BIDS FOR 320,000 MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,300 kcal/kg NCV coal per ...
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Showing 1526 to 1530 news of total 6871 |
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- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Minerals Council of Australia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Planning Commission, India
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
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