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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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Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
Monday, 01 April 19
FORCE MAJEURE SUCCESS NOT A SEA CHANGE - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
It is difficult to successfully argue that contractual performance has been prevented or delayed by force majeure. This i ...
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Showing 1436 to 1440 news of total 6871 |
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- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- The University of Queensland
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Planning Commission, India
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
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