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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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Sunday, 18 November 18
COAL STOCKS IN A THIRD OF NTPC PLANTS CLOSE TO NIL - FINANCIAL EXPRESS
Coal supply shortage continues to haunt NTPC, the country’s largest power generator, with latest government data showing 31% of the company&r ...
Thursday, 15 November 18
OIL MARKET REPORT: HEEDING THE WARNINGS - IEA
In last month’s Report, we noted that since the middle of the year oil supply had increased sharply, with gains in the Middle East, Russia an ...
Wednesday, 14 November 18
BIMCO ADOPTS 2020 BUNKER CLAUSES
BIMCO has developed two 2020 bunker clauses that deal with general compliance and the transitional period for an early December release.
...
Wednesday, 14 November 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The shipping industry is going through an interesting period across all markets. Since the end of last year, the Dry Baltic Index has been showing ...
Tuesday, 13 November 18
INDIA: POWER DEMAND UP; COAL STOCKS AT MINES AT A 5-YEAR LOW - FINANCIAL EXPRESS
Stocks at Coal India mines plunged to a five-year low of 21 million tonne (mt) in October, as a sudden surge in demand for the fuel from the power ...
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Showing 1561 to 1565 news of total 6871 |
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- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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