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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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Friday, 04 January 19
FOCUS IS ON BOOSTING COAL PRODUCTION: INDIAN COAL MINISTER
The current focus of the government is on boosting production from operational coal mines, according to Minister for Coal, Piyush Goyal.
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Thursday, 03 January 19
CAPESIZE: A MORE POSITIVE START OF THE NEW YEAR THAN EXPECTED FOR THE BIG SHIPS - FEARNLEYS
Capesize
A more positive start of the new year than expected for the big ships, with average gains of US$ 500/day posted on the first tra ...
Tuesday, 01 January 19
INDONESIA: COAL PRODUCTION EXPECTED TO EXCEED THIS YEAR'S TARGET - JP
Indonesian coal production reached 456 million tons up to Thursday or 94.02 percent of this year’s total target of 485 million tons, accordin ...
Monday, 31 December 18
THE INDONESIAN COAL MARKET Q1 '19 FORECAST: LOOKS DIRECTIONLESS - TRADER
The Indonesian coal market looks directionless, an International coal trader said when we asked him to give his forecast for 1Q' 2019.
...
Monday, 31 December 18
GLOBAL COAL DEMAND GREW BY 1% IN 2017; GLOBAL COAL POWER GENERATION INCREASED BY OVER 250 TWH - IEA
After two years of decline, global coal demand grew by 1% in 2017 to 7585 Mt as stronger global economic growth increased both industrial output an ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- The University of Queensland
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
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