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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, 12 November 18
COAL BUSINESS REMAINS PROSPECTIVE - ANTARA
Coal business happened to be sluggish in the 2012-2015 period because coal prices in the world market fell sharply, but it has begun to crawl up si ...
Monday, 12 November 18
INDONESIA'S HBA ENDS DECLINE IN NOVEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 07 November 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
This has been another active week in the second-hand market for both the dry bulk and tanker sectors. Buying interest has recently increased, which ...
Monday, 05 November 18
TIGHTER FUEL RULES COULD RAISE SHIPOWNERS' COSTS AND CAPEX - FITCH RATINGS
More stringent fuel regulations regarding sulphur content could significantly increase global shipping companies’ operating costs and capex n ...
Friday, 02 November 18
COAL FETCHES 102% PREMIUM IN E-AUCTION, SURPASSING THE EARLIER HIGHEST OF 95% - FINANCIAL EXPRESS
Coal prices have received a premium of 102% in spot e-auction during September 2018, surpassing the earlier highest of 95% premium during the spot ...
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- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Posco Energy - South Korea
- The University of Queensland
- Star Paper Mills Limited - India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- PTC India Limited - India
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