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, 13 February 19
MALAYSIA WAS THE REGION'S LARGEST COAL IMPORTER WITH 34 MT IN 2018, UP 25% Y-O-Y
Although coal market in 2018 started with strong prices, starting in the beginning of the second half of 2018, the international spot prices for co ...
Wednesday, 13 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
If there is one word that can describe the current shipping environment then that this word is most probably “volatility.” The sentimen ...
Saturday, 09 February 19
SUPRAMAX: A 63,000-TONNER WAS REPORTED FIXED DELIVERY FOR AN EAST KALIMANTAN TRIP, REDELIVERY WEST COAST INDIA, AT $9,250 - THE BALTIC BRIEFING
Cape
The Vale disaster weighed heavily on the market for big ships, with uncertainty about shipments/future exports leading to a sharp drop in ...
Friday, 08 February 19
LOWER-QUALITY INDONESIA EXPORTS ROSE 39 MT IN 2018 YOY PRIMARILY IN RESPONSE TO INCREASED DEMAND FROM CHINA AND INDIA - PEABODY
"Underlying seaborne met and thermal coal conditions remain quite positive and the pace of U.S. coal-fueled power plant retirements is expecte ...
Thursday, 07 February 19
QATAR CAN GAIN FROM DECLINING COAL - THE PENINSULA
With North America and Europe closing down their old coal and nuclear plants, major gas exporters like Qatar can and should gain market share. With ...
|
|
|
Showing 1471 to 1475 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- PTC India Limited - India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
|
| |
| |
|
