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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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Wednesday, 21 November 18
SHIPPING MARKET INSIGHT - DIMITRIS KOURTESIS
Halfway through the fourth and last quarter of the year, we spot a significant change in freight rates for tankers trading dirty, as well as on the ...
Tuesday, 20 November 18
FREIGHT RATES IN THE CRUDE OIL MARKET HAVE ALREADY PICKED UP OVER THE PAST COUPLE OF WEEKS - YIANNIS VAMVAKAS
Current geopolitical developments between Iran and the US, which have led the latter to re-impose its sanctions, have significantly affected oil pr ...
Tuesday, 20 November 18
GOLDEN ENERGY AND RESOURCES LEADS A$249M BID FOR AUSTRALIA-LISTED STANMORE COAL - THE STRAITS TIMES
Singapore-listed Golden Energy and Resources (GEAR) is leading deals worth up to A$249 million (S$250 million) to acquire Australia-listed Stanmore ...
Monday, 19 November 18
INDONESIA'S LEADING EIGHT COAL MINER'S COAL MINING CONTRACTS ARE EXPECTED TO EXPIRE BETWEEN YEAR 2019 - 2025
The Ministry of Energy and Mineral Resources (ESDM) said, eight Coal Contract of Works (CCoW) will expected to expire between 2019 to 2026, Liputan ...
Monday, 19 November 18
SUPRAMAX: THE BSI CONTINUED TO FALL LAST WEEK, ESPECIALLY THE ASIAN ROUTES - BALTIC BRIEFING
Capesize
After a cut throat couple of weeks, the market finally appeared to have found a floor and rates ticked up. Those analysts that predict ...
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Showing 1556 to 1560 news of total 6871 |
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- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Planning Commission, India
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
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