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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, 11 December 18
PORT OF NEWCASTLE SHIPPED 10.849 MMT OF COAL IN NOVEMBER DOWN 23.44 PERCENT MOM
COALspot.com: The Port of Newcastle, Australia’s major trading port and the world’s largest coal export port has shipped A$ 1,574.8 mil ...
Thursday, 06 December 18
IN THE EAST, BIGGER SUPRA WAS FIXED CA US$ 10K FOR INDO-CHINA COAL ROUND - FEARNLEYS
Capesize
There is cautious optimism for the Capes, with healthier volumes and improving rates in the Pacific. West Australia round is gradually ...
Thursday, 06 December 18
U.S. COAL CONSUMPTION IN 2018 EXPECTED TO BE THE LOWEST IN 39 YEARS - EIA
EIA expects total U.S. coal consumption in 2018 to fall to 691 million short tons (MMst), a 4% decline from 2017 and the lowest level since 1979. U ...
Thursday, 06 December 18
DEMAND RISKS WEIGH ON GLOBAL SHIPPING SECTOR OUTLOOK - FITCH RATINGS
The global shipping sector outlook remains negative reflecting the demand-side risks of protectionism and slower economic growth, Fitch Ratings say ...
Thursday, 06 December 18
CHINA REVISES MANAGEMENT RULES ON ESTABLISHMENT OF FULLY FOREIGN-OWNED SHIPPING BUSINESSES - XINHUA
Foreign shipping companies will find it easier to establish wholly-owned subsidiaries in China thanks to a revised regulation due to take effect on ...
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Showing 1536 to 1540 news of total 6871 |
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- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- The University of Queensland
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- PTC India Limited - India
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Sical Logistics Limited - India
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