We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Sunday, 30 December 18
MAJOR LNG BUYERS' UNCONTRACTED DEMAND TO QUADRUPLE BY 2030 - WOOD MACKENZIE
Wood Mackenzie’s latest research reveals that uncontracted demand by the world’s seven largest LNG buyers could quadruple to 80 million ...
Friday, 28 December 18
BIMCO 2020 SULPHUR CLAUSES: "A FAIR ALLOCATION OF RESPONSIBILITIES AND LIABILITIES'? - INCE & CO.
To assist owners and charterers to address the legal issues arising under any time charterparties, which will span the 1 January 2020 implementatio ...
Thursday, 27 December 18
DRY BULKERS SPOT FREIGHT MARKET W/E 21 DEC - ALLIED SHIPBROKING
Capesize
A negative week for the Capesize sector, as activity remained at low levels, especially in the Pacific, with rumors regarding agreed r ...
Thursday, 27 December 18
SHIPPING IS ENTERING A NEW ERA OF EVER CHALLENGING CONDITIONS - ALLIED
As we move closer to the end of the year and we look forward into New Year, we are still finding ourselves looking deep into a market outlook full ...
Tuesday, 25 December 18
FUEL QUALITY AND SAFETY IN IMO CONVENTIONS: A GROWING CHALLENGE, EVEN PRIOR TO 1 JANUARY 2020 - IUMI
At the 100th session of the International Maritime Organization’s (IMO) Maritime Safety Committee (MSC) meeting discussions on fuel quality a ...
|
|
|
Showing 1511 to 1515 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- The University of Queensland
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Indian Energy Exchange, India
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
|
| |
| |
|
