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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, 14 December 18
KOSPO INVITES BIDS FOR 1,177,000 METRIC TONS OF COAL FOR Q1' 19 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 701,000 MT of min 5,600 kcal/kg NCV coal and ...
Friday, 14 December 18
COAL IMPORT TO BE CHECKED BY RISING DOMESTIC PRODUCTION - FINANCIAL EXPRESS
The government’s effort to increase domestic coal production and power demand falling with the onset of the winters will check coal imports, ...
Thursday, 13 December 18
STRAITS AFFECTED BY TERRITORIAL DISPUTE BETWEEN SINGAPORE AND MALAYSIA - THE STANDARD CLUB
A recent territorial dispute has occurred between Singapore and Malaysia involving the Straits of Johor.
The Malaysian Attorney Gene ...
Wednesday, 12 December 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
China’s monthly iron ore imports dropped for the first time this year joined by declines in copper and soybeans as economic growth slows in t ...
Tuesday, 11 December 18
SHIPPING MARKET ANALYSIS - ALLIED
A lot of discussions have been made as to the effects of the IMO 2020 regulation on OPEX levels, investment feasibility of& ...
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Showing 1531 to 1535 news of total 6871 |
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- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- The University of Queensland
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- PTC India Limited - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Planning Commission, India
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- White Energy Company Limited
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
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