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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, 09 January 19
SHIPPING MARKET INSIGHT - INERMODAL
Paraphrasing the words of a Chief economist in a latest report of the World Bank Group, the current state of the shipping market very much resemble ...
Tuesday, 08 January 19
GLOBAL TRADE GROWTH EXPECTED TO REMAIN AT HEALTHY IN 2019 - ALLIED
2019 is here and we find ourselves with new challenges for the shipping industry and the global economy as whole, with market prospects being neith ...
Monday, 07 January 19
THE NEWCASTLE BENCHMARK SPOT PRICE IS FORECAST TO DECLINE FROM AN ESTIMATED AVERAGE OF US$105 A TONNE IN 2018 TO US$74 A TONNE IN 2020 - DEPARTMENT OF INDUSTRY, AUSTRALIA
• The Newcastle benchmark spot price is forecast to decline from an estimated average of US$105 a tonne in 2018 to US$74 a tonne in 2020, prim ...
Monday, 07 January 19
INDONESIAN GOVERNMENT DECLARED COAL BENCHMARK PRICE FALLS FOR FIFTH STRAIGHT MONTH IN JANUARY 2019; LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 07 January 19
RUSSIA'S COAL PRODUCTION UP 5.9% TO 433.4 MLN TONNES IN 2018 - TASS
Coal production in Russia in 2018 increased by 5.9% year-on-year to 433.4 mln tonnes, according to the Central Dispatching Department of Fuel Energ ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- The University of Queensland
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
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