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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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Monday, 26 November 18
SUPRAMAX: THE ASIAN MARKET STALLED THIS WEEK WITH A BUILD-UP OF TONNAGE - BALTIC BRIEFING
Capesize
It was a positive end to the week, with West Australia/China making significant gains and firing owners’ resolve. There was talk ...
Friday, 23 November 18
GOLDEN ENERGY'S POTENTIAL ACQUISITION OF STANMORE CREDIT POSITIVE - FITCH RATINGS
Golden Energy and Resources Limited's (GEAR, B+/Positive) potential acquisition of Stanmore Coal will help the company diversify its coal opera ...
Friday, 23 November 18
ASSOCIATION CALLS FOR REVISION OF DMO SCHEME FOR COAL - JP
The Indonesian Coal Mining Association (APBI) has called on the government to revise the domestic market obligation (DMO) scheme for coal, which re ...
Friday, 23 November 18
INDONESIA'S REVENUES FROM MINERAL AND COAL INCREASE TO US$ 2.858 BILLION - ANTARA
Indonesia`s non-tax state revenues from the mineral and coal sub-sector reached Rp 41.77 trillion (approximately US$ 2.858 Billion) as of Nov 16, 2 ...
Thursday, 22 November 18
SHUT OUT OF CHINA, U.S. COAL EXPORTERS FIND FAVOUR IN INDIA, FOR NOW - REUTERS
U.S. coal exporters have effectively lost a promising market in China since the imposition of tariffs as part of the ongoing trade dispute, but so ...
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Showing 1551 to 1555 news of total 6871 |
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- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- White Energy Company Limited
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
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