We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Thursday, 21 March 19
PRICE PLUNGE AS CHINESE LEAVE THERMAL COAL OUT IN THE COLD - AUSTRALIAN FINANCIAL REVIEW
Thermal coal exporter New Hope Corporation says China’s shipment squeeze on Australia is putting downward pressure on prices in all markets i ...
Wednesday, 20 March 19
COAL EXPORT FEARS RESURFACE AS RESTRICTIONS HIT MORE CHINESE PORTS AND AUSTRALIAN PRICES COP A 'BELTING' - ABC
Australian thermal coal exports to China are under increasing pressure, with indications import restrictions are spreading to other key ports.
...
Monday, 18 March 19
A 56,000DWT SHIP FIXED DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY CHINA, AT $10,000 - BALTIC BRIEFING
Capesize
The Baltic Capesize market shrugged off its recent negative sentiment to post daily incremental improvements over the last week. Pacif ...
Saturday, 16 March 19
AUSTRALIAN COAL STILL FACING CHINESE DELAY - AAP
Australian coal exports to China are still facing delays, with protectionism and environmental checks blamed for the slowdown.
Coal ...
Thursday, 14 March 19
SUPRAMAX: INDO COAL CARGOES GETTING FIXED AT AROUND US$ 12000 TO CHINA - FEARNLEYS
Capesize
Average daily earning still well below operating costs, and owners keep bleeding - but nevertheless finally some bright spots for the ...
|
|
|
Showing 1446 to 1450 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- White Energy Company Limited
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Central Electricity Authority - India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Planning Commission, India
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
|
| |
| |
|
