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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, 21 November 18
SHIPPING MARKET INSIGHT - DIMITRIS KOURTESIS
Halfway through the fourth and last quarter of the year, we spot a significant change in freight rates for tankers trading dirty, as well as on the ...
Tuesday, 20 November 18
FREIGHT RATES IN THE CRUDE OIL MARKET HAVE ALREADY PICKED UP OVER THE PAST COUPLE OF WEEKS - YIANNIS VAMVAKAS
Current geopolitical developments between Iran and the US, which have led the latter to re-impose its sanctions, have significantly affected oil pr ...
Tuesday, 20 November 18
GOLDEN ENERGY AND RESOURCES LEADS A$249M BID FOR AUSTRALIA-LISTED STANMORE COAL - THE STRAITS TIMES
Singapore-listed Golden Energy and Resources (GEAR) is leading deals worth up to A$249 million (S$250 million) to acquire Australia-listed Stanmore ...
Monday, 19 November 18
INDONESIA'S LEADING EIGHT COAL MINER'S COAL MINING CONTRACTS ARE EXPECTED TO EXPIRE BETWEEN YEAR 2019 - 2025
The Ministry of Energy and Mineral Resources (ESDM) said, eight Coal Contract of Works (CCoW) will expected to expire between 2019 to 2026, Liputan ...
Monday, 19 November 18
SUPRAMAX: THE BSI CONTINUED TO FALL LAST WEEK, ESPECIALLY THE ASIAN ROUTES - BALTIC BRIEFING
Capesize
After a cut throat couple of weeks, the market finally appeared to have found a floor and rates ticked up. Those analysts that predict ...
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Showing 1556 to 1560 news of total 6871 |
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- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
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