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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, 30 November 18
GOVT MULLS REQUIRING MINERS TO TURN COAL INTO GAS - THE JAKARTA POST
The government is considering requiring all coal miners to turn the raw commodity into dimethylether (DME) as a substitute for liquefied petroleum ...
Friday, 30 November 18
SUPRAMAX: N. CHINA TO INDIA OR SE ASIA SUPRAS ARE GETTING PAID AROUND US$ 6000 - FEARNLEYS
Capesize
Sharp rise in spot activity and income, admittedly from very low levels, for the big ships. West Australia/China and Brazil/Far East b ...
Thursday, 29 November 18
NEW IMSBC CODE REQUIREMENTS AIM TO CONTROL LIQUEFACTION OF COAL CARGOES - GARD
KNOWLEDGE TO ELEVATE
The International Maritime Solid Bulk Cargoes (IMSBC) Code describes coal as a natural, solid, combustible material consi ...
Wednesday, 28 November 18
SHIPPING MARKET INSIGHT - GEORGE LAIOS
Last week I had the privilege to attend the SingularityU Greece Summit, in Athens. It was a privilege because you do not often have the chance to s ...
Tuesday, 27 November 18
PANAMAX AND SUPRAMAX INDICES WITNESSED A DECLINE OF JUST BELOW 14% IN THEIR MEAN ON A MONTH-ON-MONTH COMPARISON - ALLIED SHIPPING
A month of sharp corrections and great asymmetries for the dry bulk sector, with the overall overview of the market shipping rapidly from a state o ...
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Showing 1546 to 1550 news of total 6871 |
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- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
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