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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, 01 April 19
AUSTRALIAN COAL AT RISK FROM CHINA MOVE, WARNS GOVERNMENT REPORT - SYDNEY MORNING HERALD
A new government report warns China’s restrictions on coal imports is the number one risk for Australian coal this year and could lead to a s ...
Saturday, 30 March 19
KOEN INVITES BIDS FOR 450,000 TONS OF (SUB) BITUMINOUS COAL FOR H1 AND JUNE 2019
South Korea state-owned utility KOREA SOUTH-EAST POWER CO., LTD. (KOEN) issued a tender for total 450,000 MT of min. 4300, 3500 and 5600 NCV ...
Wednesday, 27 March 19
SHIPPING MARKET INSIGHT - INTERMODAL
Contrary to the December 2018 forecasts but in line with the expectations of the dry bulk market, the first quarter of the year closed negatively. ...
Saturday, 23 March 19
IT WAS A POSITIVE WEEK FOR THE HANDY SIZE MARKET - BALTIC BRIEFING
Capesize
The big ships endured heavy losses last week extinguishing any hopes from the recent minor rally. Negative sentiment gained pace throu ...
Friday, 22 March 19
CHINA MARKET: COAL OUT IN THE COLD - BUSINESS RECORDER
Though China maintains there is no ban, China-bound Australian coal shipments are looking for a new home. For the past few months, coal cargoes are ...
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Showing 1441 to 1445 news of total 6871 |
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- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Australian Coal Association
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- The University of Queensland
- Central Electricity Authority - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
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