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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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Sunday, 18 November 18
COAL STOCKS IN A THIRD OF NTPC PLANTS CLOSE TO NIL - FINANCIAL EXPRESS
Coal supply shortage continues to haunt NTPC, the country’s largest power generator, with latest government data showing 31% of the company&r ...
Thursday, 15 November 18
OIL MARKET REPORT: HEEDING THE WARNINGS - IEA
In last month’s Report, we noted that since the middle of the year oil supply had increased sharply, with gains in the Middle East, Russia an ...
Wednesday, 14 November 18
BIMCO ADOPTS 2020 BUNKER CLAUSES
BIMCO has developed two 2020 bunker clauses that deal with general compliance and the transitional period for an early December release.
...
Wednesday, 14 November 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The shipping industry is going through an interesting period across all markets. Since the end of last year, the Dry Baltic Index has been showing ...
Tuesday, 13 November 18
INDIA: POWER DEMAND UP; COAL STOCKS AT MINES AT A 5-YEAR LOW - FINANCIAL EXPRESS
Stocks at Coal India mines plunged to a five-year low of 21 million tonne (mt) in October, as a sudden surge in demand for the fuel from the power ...
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Showing 1561 to 1565 news of total 6871 |
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- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Minerals Council of Australia
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
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