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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, 11 December 18
PORT OF NEWCASTLE SHIPPED 10.849 MMT OF COAL IN NOVEMBER DOWN 23.44 PERCENT MOM
COALspot.com: The Port of Newcastle, Australia’s major trading port and the world’s largest coal export port has shipped A$ 1,574.8 mil ...
Thursday, 06 December 18
IN THE EAST, BIGGER SUPRA WAS FIXED CA US$ 10K FOR INDO-CHINA COAL ROUND - FEARNLEYS
Capesize
There is cautious optimism for the Capes, with healthier volumes and improving rates in the Pacific. West Australia round is gradually ...
Thursday, 06 December 18
U.S. COAL CONSUMPTION IN 2018 EXPECTED TO BE THE LOWEST IN 39 YEARS - EIA
EIA expects total U.S. coal consumption in 2018 to fall to 691 million short tons (MMst), a 4% decline from 2017 and the lowest level since 1979. U ...
Thursday, 06 December 18
DEMAND RISKS WEIGH ON GLOBAL SHIPPING SECTOR OUTLOOK - FITCH RATINGS
The global shipping sector outlook remains negative reflecting the demand-side risks of protectionism and slower economic growth, Fitch Ratings say ...
Thursday, 06 December 18
CHINA REVISES MANAGEMENT RULES ON ESTABLISHMENT OF FULLY FOREIGN-OWNED SHIPPING BUSINESSES - XINHUA
Foreign shipping companies will find it easier to establish wholly-owned subsidiaries in China thanks to a revised regulation due to take effect on ...
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Showing 1536 to 1540 news of total 6871 |
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- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- MS Steel International - UAE
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- The University of Queensland
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
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