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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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Thursday, 18 October 18
SUPRAMAX: INDO/WC INDIA SUPRAS ARE FIXING AROUND MID $14000S P/D BASIS SPORE DELIVERY
Capesize
The volatile Cape market continues this week, especially in the Pacific says Fearnleys in its latest weekly report.
...
Thursday, 18 October 18
COAL SHORTAGE HITS POWER SECTOR AGAIN; HOW INDIA CAN GET ITS PRODUCTION RIGHT - ANIL SWARUP
By convincing states of the value proposition of increased production, the record production of Fy15 & Fy16 can be emulated.
The ...
Thursday, 18 October 18
CHINA POWER REFORM NEUTRAL ON GRIDS, PRESSURES IPP MARGINS - FITCH RATINGS
China's power sector reform has a broadly neutral impact on transmission grids although it will pressure the power producers' margins, says ...
Wednesday, 17 October 18
ESCROW SERVICE FOR BALTIC MEMBERS NOW LIVE
The Baltic Exchange’s Escrow Service for its members to hold deposits for ship sale transactions goes live today (15 October). The service is ...
Wednesday, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do ...
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Showing 1586 to 1590 news of total 6871 |
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- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Minerals Council of Australia
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Planning Commission, India
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- VISA Power Limited - India
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- The University of Queensland
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
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