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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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Monday, 24 December 18
DRY BULK MARKET: CAPESIZE MARKET ON BACKFOOT AS 2018'S END DRAWS NEAR - THE BALTIC BRIEFING
Capesize
Panic set in in the East as the holiday season approaches, with owners chasing rates lower. Rates on the key West Australia/China route ...
Friday, 21 December 18
4.2 MILLION DWT OF DRY BULK SHIPS SCRAPPED UNTIL 17 DEC, DOWN 71.6% Y/Y - BIMCO
2018 has been a slow year for dry bulk demolitions, with only 4.2 million DWT scrapped (as of 17 December), down 71.6% compared to last year. An al ...
Thursday, 20 December 18
INDONESIAN COAL PRICES DIVERGE FROM KEY BENCHMARK - FITCH RATINGS
The Newcastle 6,000kcal coal price benchmark that is widely used to determine most coal price estimates for Indonesian coal miners has increasingly ...
Wednesday, 19 December 18
CHINA'S IMPORT RESTRICTIONS ON COAL SPOILS THE PARTY FOR PANAMAXES - DREWRY
The Chinese government’s objective of suppressing coal and lignite imports in November and December 2018 is adversely impacting demand for Pa ...
Wednesday, 19 December 18
GLOBAL COAL DEMAND SET TO REMAIN STABLE THROUGH 2023, DESPITE HEADWINDS - IEA
While global coal demand looks set to rise for the second year in a row in 2018, it is forecast to remain stable over the next five years, as decli ...
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Showing 1516 to 1520 news of total 6871 |
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- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Australian Coal Association
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Bhatia International Limited - India
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- White Energy Company Limited
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Planning Commission, India
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
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