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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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Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 08 October 18
KOMIPO INVITES BIDS FOR 520,000 TONS OF COLOMBIAN ORIGIN OF 5,700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Colombian origin ...
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Showing 1591 to 1595 news of total 6871 |
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- Minerals Council of Australia
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Australian Coal Association
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- CNBM International Corporation - China
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
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