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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, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
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Showing 1576 to 1580 news of total 6871 |
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- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Planning Commission, India
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
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