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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, 11 March 19
SUPRAMAX: A 61,000 DWT VESSEL WAS BOOKED SINGAPORE FOR A TRIP VIA INDONESIA TO CHINA AT $10,500 - BALTIC BRIEFING
Capesize
A faint glimmer of hope with the suggestion the market may have finally bottomed out, with owners attempting to resist further cuts in ...
Friday, 08 March 19
KOMIPO INVITES BIDS FOR 2.6 MILLION TONS OF AUSTRALIAN 5700 NAR COAL FOR FIVE YEARS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Australian origin to be burnt ...
Friday, 08 March 19
CHINA'S COAL DEMAND FORECAST TO DROP SLOWLY - YONHAP
China’s coal demand is expected to fall at a snail’s pace over the next 20 years due to the country’s preference for the cheap fo ...
Thursday, 07 March 19
INDONESIAN COAL PRICE REFERENCE PLUNGE TO LOWEST IN SEVEN MONTHS
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 06 March 19
KOSPO INVITES BIDS FOR 80,000 MT OF 3800 NCV COAL FOR 21 - 30 MARCH, 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 80,000 MT of min 3,800 kcal/kg NCV low calor ...
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Showing 1451 to 1455 news of total 6871 |
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- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- The University of Queensland
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Australian Coal Association
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Planning Commission, India
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
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