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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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Tuesday, 18 December 18
TOBA BARA ACQUIRES SHARES OF PT BATU HITAM PERKASA
PT Toba Bara Sejahtra Tbk, through its subsidiary PT Toba Bara Energi (“TBE”), has acquired shares ...
Monday, 17 December 18
SUPRAMAX THERE WAS STRONGER DEMAND FROM SOUTHEAST ASIA, WITH MORE COAL BEING SHIPPED - BALTIC BRIEFING
Capesize
A positive end to last week after a somewhat uncertain start as some gains made were eroded. Rates recovered later for West Australia/ ...
Monday, 17 December 18
SOUTH KOREA STATE-OWNED UTILITY KOREA EAST-WEST POWER CO. LTD ISSUED A TENDER FOR MAX 3.220 MILLION TONS OF 4200 TO 5900 NAR COAL
COALspot.com: South Korea state-owned utility Korea East-West Power Co. Ltd (EWP) issued a tender for max 3,220,000 Metric Tons of coal to be loade ...
Saturday, 15 December 18
COMING CHANGES IN MARINE FUEL SULFUR LIMITS WILL AFFECT GLOBAL OIL MARKETS - EIA
International regulations limiting sulfur in fuels for ocean-going vessels, set to take effect in January 2020, have implications for vessel operat ...
Friday, 14 December 18
KOSPO INVITED BIDS FOR 320,000 MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,300 kcal/kg NCV coal per ...
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Showing 1526 to 1530 news of total 6871 |
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- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Planning Commission, India
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
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