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.
|
|
Wednesday, 19 December 18
GLOBAL SHIPPING SCOUTS FOR FUTURE GROWTH - PETER SAND, BIMCO
Where do we go to find economic growth that spurs shipping demand in the next five years? According to the International Monetary Fund (IMF), we sh ...
Wednesday, 19 December 18
SHIPPING MARKET INSIGHT - INTERMODAL
As another year is coming to an end, it is interesting to look at the main shipping markets and how these performed compared to 2017.
&nb ...
Tuesday, 18 December 18
COAL DEMAND WILL REMAIN STEADY THROUGH 2023, INTERNATIONAL ENERGY AGENCY SAYS - TOM DICHRISTOPHER, CNBC
Coal consumption is on the rise but will remain roughly stable over the next five years, the International Energy Agency forecasts.
...
Tuesday, 18 December 18
DRY BULK: IN ABSOLUTE TERMS, ALL MAIN SIZE SEGMENTS SAW THEIR ACTUAL VOLATILITY FIGURES DECREASE - ALLIED
Since the beginning of 2016, when the dry bulk market reached its absolute bottom, freight rates have been ever since on an upward trajectory. Taki ...
Tuesday, 18 December 18
COAL OUTLOOK BULLISH DESPITE WEAK CHINESE IMPORT DATA - HEREN, ICIS
Coal prices may appreciate over the remainder of 2018 even despite recent data showing falling imports from the world’s largest producer and ...
|
|
|
Showing 1521 to 1525 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Minerals Council of Australia
- Central Electricity Authority - India
- The University of Queensland
- Interocean Group of Companies - India
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Planning Commission, India
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
|
| |
| |
|
