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.
|
|
Friday, 30 November 18
GOVT MULLS REQUIRING MINERS TO TURN COAL INTO GAS - THE JAKARTA POST
The government is considering requiring all coal miners to turn the raw commodity into dimethylether (DME) as a substitute for liquefied petroleum ...
Friday, 30 November 18
SUPRAMAX: N. CHINA TO INDIA OR SE ASIA SUPRAS ARE GETTING PAID AROUND US$ 6000 - FEARNLEYS
Capesize
Sharp rise in spot activity and income, admittedly from very low levels, for the big ships. West Australia/China and Brazil/Far East b ...
Thursday, 29 November 18
NEW IMSBC CODE REQUIREMENTS AIM TO CONTROL LIQUEFACTION OF COAL CARGOES - GARD
KNOWLEDGE TO ELEVATE
The International Maritime Solid Bulk Cargoes (IMSBC) Code describes coal as a natural, solid, combustible material consi ...
Wednesday, 28 November 18
SHIPPING MARKET INSIGHT - GEORGE LAIOS
Last week I had the privilege to attend the SingularityU Greece Summit, in Athens. It was a privilege because you do not often have the chance to s ...
Tuesday, 27 November 18
PANAMAX AND SUPRAMAX INDICES WITNESSED A DECLINE OF JUST BELOW 14% IN THEIR MEAN ON A MONTH-ON-MONTH COMPARISON - ALLIED SHIPPING
A month of sharp corrections and great asymmetries for the dry bulk sector, with the overall overview of the market shipping rapidly from a state o ...
|
|
|
Showing 1546 to 1550 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- The University of Queensland
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Minerals Council of Australia
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- White Energy Company Limited
- Parliament of New Zealand
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
|
| |
| |
|
