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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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Wednesday, 05 December 18
WORLD COAL PRICES FALL, WITH INDONESIA BENCHMARK FOR DECEMBER, ENDING AT LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 05 December 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
Is the rise in crude carrier rates driven only by seasonality, or is the recent positive reversal signaling the end of challenging days for the mar ...
Monday, 03 December 18
WCA'S ENGAGEMENT AT COP24 IN KATOWICE - WCA
The 24th Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC) will take place from the 2-14 December 2018 in K ...
Monday, 03 December 18
SUPRAMAX: FIXED DELIVERY KALIMANTAN TO WEST COAST INDIA, AT $11000 - THE BALTIC BRIEFING
Capesize
A roller-coaster week for the big ships with hopes soaring at the start for a mini last quarter revival, only to be dashed as the week ...
Sunday, 02 December 18
TRADE WAR LEADING TO HEADWINDS FOR THE FRAGILE DRY BULK RECOVERY - PETER SAND, BIMCO
The first twelve weeks of the 2018/19 marketing year, which started on 1 September 2018, have painted a dire picture for US soya bean exports which ...
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- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- The University of Queensland
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
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