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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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Friday, 14 December 18
KOSPO INVITES BIDS FOR 1,177,000 METRIC TONS OF COAL FOR Q1' 19 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 701,000 MT of min 5,600 kcal/kg NCV coal and ...
Friday, 14 December 18
COAL IMPORT TO BE CHECKED BY RISING DOMESTIC PRODUCTION - FINANCIAL EXPRESS
The government’s effort to increase domestic coal production and power demand falling with the onset of the winters will check coal imports, ...
Thursday, 13 December 18
STRAITS AFFECTED BY TERRITORIAL DISPUTE BETWEEN SINGAPORE AND MALAYSIA - THE STANDARD CLUB
A recent territorial dispute has occurred between Singapore and Malaysia involving the Straits of Johor.
The Malaysian Attorney Gene ...
Wednesday, 12 December 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
China’s monthly iron ore imports dropped for the first time this year joined by declines in copper and soybeans as economic growth slows in t ...
Tuesday, 11 December 18
SHIPPING MARKET ANALYSIS - ALLIED
A lot of discussions have been made as to the effects of the IMO 2020 regulation on OPEX levels, investment feasibility of& ...
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Showing 1531 to 1535 news of total 6871 |
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- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- White Energy Company Limited
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- The University of Queensland
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
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