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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, 24 October 18
CHINESE POWER PLANT STOCKPILES AT HIGHEST LEVEL SINCE 2015 - JEFFREY LANDSBERG
Chinese power plant coal stockpiles have climbed to approximately 83.3 million tons as of the middle of this month, said Jeffrey Landsberg in his e ...
Tuesday, 23 October 18
WILL THE U.S. COAL DECLINE CONTINUE? - FORBES
What’s Trump’s new coal proposal?
Adding to its controversial plan to leverage federal authority to keep retiring baselo ...
Monday, 22 October 18
CONTINUED HIGH LNG PRICES; TRADE WAR IMPACT LIMITED - FITCH RATINGS
Fitch Ratings expects sustained high spot liquefied natural gas (LNG) and contract prices over the next two quarters on limited investment in LNG e ...
Monday, 22 October 18
WINTER OIL MARKET OUTLOOK - OPEC
The oil market in the winter season is generally characterized by demand for diesel, particularly in the northern hemisphere, leaving product marke ...
Saturday, 20 October 18
PANAMAX: THE PACIFIC SAW A LARGE VOLUME OF FIXING, WITH INDONESIA AGAIN THE DRIVING FORCE - THE BALTIC BRIEFING
Capesize
A positive end to last week after a shaky start, with a Coaltrans taking participants out of the market early on and with rates slippi ...
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- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- White Energy Company Limited
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Economic Council, Georgia
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- The University of Queensland
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
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