We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
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 ...
|
|
|
Showing 1536 to 1540 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- MS Steel International - UAE
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Economic Council, Georgia
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
|
| |
| |
|
