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