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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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Friday, 02 November 18
CHINA: COAL CONSUMPTION POSTS STRONG GROWTH ON BACK OF POWER GENERATION DEMAND - CHINA DAILY
China’s energy consumption experienced continuous rebound during the first three quarters in 2018, National Energy Administration announced o ...
Thursday, 01 November 18
IMO 2020 - EXPLORING THE OPTION OF SOX SCRUBBERS - SIDDHARTH MAHAJAN, GARD
KNOWLEDGE TO ELEVATE
There are four possible methods of compliance:
1.use VLSFO (very low Sulphur oil) or blends;
2,use dis ...
Wednesday, 31 October 18
INDIA: COAL IMPORTS SURGE ON DOMESTIC SHORT SUPPLY - HINDU
Shortage of thermal coal supply in India has pushed imports up to 85 million tonnes (mt) in the first half of the current fiscal compared to 75 mt ...
Wednesday, 31 October 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
Since the IMO’s 2020 global cap on sulphur in marine fuels is coming into force, ship-owners have to decide whether they will operate using e ...
Monday, 29 October 18
IMPLEMENTATION OF SULPHUR 2020 LIMIT - CARRIAGE BAN ADOPTED - IMO
An amendment to support consistent implementation of the forthcoming 0.50% limit on sulphur in ships fuel oil was adopted by the International Mari ...
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- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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