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.
|
|
Wednesday, 06 March 19
KOREA SOUTHERN POWER CO INVITES BIDS FOR 980,000 MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
Wednesday, 06 March 19
SHIPPING MARKET INSIGHT - INERMODAL
In a downward moving market, softer SnP activity is usually a given, as the gap between Sellers’ and Buyers’ ideas widens, especially w ...
Saturday, 02 March 19
A 60,500-TONNER WAS BOOKED DELIVERY SINGAPORE, VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $11,250 - BALTIC BRIEFING
Capesize
Vale’s ongoing absence from the Brazil spot market continued to have a negative impact on sentiment, with rates falling in all a ...
Thursday, 28 February 19
COAL'S PERFECT STORM HITS $70 BILLION AUSTRALIAN PROJECTS - BLOOMBERG
It’s been a tough few weeks for our coal industry.
First there was a court ruling blocking a new mine on climate change ground ...
Wednesday, 27 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
With the IMO 2020 approaching, it becomes challenging for the market to accurately explore the run-up to the deadline given that marine fuel-oil of ...
|
|
|
Showing 1456 to 1460 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
|
| |
| |
|
