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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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Sunday, 20 January 19
OIL MARKET REPORT: A MARATHON, NOT A SPRINT - IEA
Last month, we asked if there was a floor under prices following the signing of a new Vienna Agreement that aims to re-balance the oil market. Foll ...
Thursday, 17 January 19
EIA ESTIMATES THAT U.S. COAL EXPORTS WERE 116 MMST IN 2018, 20% HIGHER THAN THE AMOUNT EXPORTED IN 2017
Coal Supply
EIA estimates that coal production declined by 20 million short tons (MMst) (3%) in 2018, despite a 19 MMst increase in U.S. coal e ...
Thursday, 17 January 19
U.S COAL OUTPUT IS EXPECTED TO FALL BY 3 PER CENT IN 2019 - EIA
EIA forecasts that U.S. coal production will total 729 million short tons (MMst) in 2019, down by 25 MMst (3%) from 2018.
Acco ...
Wednesday, 16 January 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we go through the first days of the year and just a few weeks before the Chinese New Year, the ship repair sector is witnessing a big difference ...
Monday, 14 January 19
KOREA SOUTHERN POWER INVITES BIDS FOR 320,000 MT OF MIN 3,800 NCV 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 coal for ...
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- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- PTC India Limited - India
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
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