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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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Wednesday, 06 February 19
FEBRUARY 2019 INDONESIA'S COAL REFERENCE PRICE FELL 8.83 PERCENT YOY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Wednesday, 06 February 19
THE BDI HAS EASED BACK TO 645 BP, ITS LOWEST LEVEL SINCE AUGUST 2016 - ALLIED
The dry bulk sector is in the doldrums, with most market participants seemingly left utterly perplexed, and simultaneously, in pursuit of any posit ...
Monday, 04 February 19
COAL STILL IN HIGH DEMAND GLOBALLY
Although the world is switching to renewable energy there is still a big demand for coal around the globe.
This is according to Cany ...
Friday, 01 February 19
ULTRAMAX WAS FIXED DELIVERY KALIMANTAN, FOR TRIP TO WEST COAST INDIA AT $7,000 - BALTIC BRIEFING
Capesize
The Vale dam tragedy sparked a sharp fall in rates across all regions even where tonnage remained tight. The potential loss of product ...
Friday, 01 February 19
SEMBCORP SELECTS NORDEN FOR LONG-TERM INDIAN CONTRACT
NORDEN A/S has signed a 10-year Panamax Contract of Affreightment (COA) with Indian utility firm Sembcorp Energy India Ltd.
From 1 A ...
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- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Planning Commission, India
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- The University of Queensland
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- VISA Power Limited - India
- Australian Coal Association
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Tamil Nadu electricity Board
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