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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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Tuesday, 29 January 19
HARD COAL BEARS THE BRUNT OF THE RECOMMENDATIONS OF THE COMMISSION GROWTH STRUCTURAL CHANGE AND EMPLOYMENT - VDKI
Press Release: Hard coal bears the brunt of the recommendations of the Commission Growth Structural change and employment.
In its fi ...
Tuesday, 29 January 19
CHINA HAS BEEN THE TOP DRIVER OF GLOBAL GROWTH FOR NEARLY TWO DECADES - ALLIED
China has been the top driver of global growth for nearly two decades now, pushing demand for seaborne trade and being the key influencer for deman ...
Saturday, 26 January 19
SUPRAMAX: NICKEL ORE RUNS SAW A 56K DWT VESSEL, DELIVERY PHILIPPINES, FIXED FOR A TRIP TO CHINA AT $6K - BALTIC BRIEFING
Capesize
A week of dashed hopes for owners as the optimism evident the previous week evaporated. Rates slipped on all routes and underlying thr ...
Thursday, 24 January 19
ANOTHER DISAPPOINTING WEEK FOR PANAMAX OWNERS; MARKET CONTINUES DOWN IN BOTH BASINS - FEARNLEYS
Capesize
The week has been marked by low activity and dropping rates in both basins. As usual, supply additions have increased at the beginning ...
Thursday, 24 January 19
KOREA SOUTHERN POWER INVITED BIDS FOR 960K 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 ...
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Showing 1481 to 1485 news of total 6871 |
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- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- The University of Queensland
- Chamber of Mines of South Africa
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- White Energy Company Limited
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
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