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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, 22 January 19
9TH GLOBAL MANUFACTURING SUPPLY CHAIN INNOVATION SUMMIT 2019
Rethinking the supply chain in manufacturing is a must at the digital era along with the industry transforming and innovating; new manufacturing is ...
Tuesday, 22 January 19
AUSTRALIA'S YANCOAL PRODUCED 50 MMT SALEABLE COAL IN 2018 UP 59 PER CENT ON THE YEAR PRIOR, THE QUARTERLY REPORT SHOWS
According to the report, the miner's quarterly (Q4' 18) saleable coal production of 12.4 Mmt. Includes 10.5 Mmt (85 per cent) from the Comp ...
Monday, 21 January 19
KOSPO INVITING BIDS FOR 320K MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 3,800 kcal/kg NCV low calo ...
Monday, 21 January 19
SUPRAMAX: INDONESIAN COAL RUNS, TONNAGE WAS GIVING APS DELIVERIES AND A 57,000DWT SHIP FIXED AT $7,000 FOR A TRIP TO WEST COAST INDIA - BALTIC BRIEFING
Capesize
A positive end to a week that saw rates on the West Australia/China run slip below $6.00, as charterers faced a plentiful supply ...
Monday, 21 January 19
HARD COAL WORLD TRADE IN 2018 RISES BY 3.7 PER CENT; GLOBAL HARD COAL PRODUCTION INCREASES BY 1.7 PER CENT - VDKI
Global Hard Coal Production Increases By 1.7%.
According to provisional calculations by the German Coal Importer Association (VDKi), ...
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- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- The University of Queensland
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- PTC India Limited - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
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