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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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Monday, 12 November 18
COAL BUSINESS REMAINS PROSPECTIVE - ANTARA
Coal business happened to be sluggish in the 2012-2015 period because coal prices in the world market fell sharply, but it has begun to crawl up si ...
Monday, 12 November 18
INDONESIA'S HBA ENDS DECLINE IN NOVEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 07 November 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
This has been another active week in the second-hand market for both the dry bulk and tanker sectors. Buying interest has recently increased, which ...
Monday, 05 November 18
TIGHTER FUEL RULES COULD RAISE SHIPOWNERS' COSTS AND CAPEX - FITCH RATINGS
More stringent fuel regulations regarding sulphur content could significantly increase global shipping companies’ operating costs and capex n ...
Friday, 02 November 18
COAL FETCHES 102% PREMIUM IN E-AUCTION, SURPASSING THE EARLIER HIGHEST OF 95% - FINANCIAL EXPRESS
Coal prices have received a premium of 102% in spot e-auction during September 2018, surpassing the earlier highest of 95% premium during the spot ...
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- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Eastern Energy - Thailand
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
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