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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, 02 November 18
CHINA: COAL CONSUMPTION POSTS STRONG GROWTH ON BACK OF POWER GENERATION DEMAND - CHINA DAILY
China’s energy consumption experienced continuous rebound during the first three quarters in 2018, National Energy Administration announced o ...
Thursday, 01 November 18
IMO 2020 - EXPLORING THE OPTION OF SOX SCRUBBERS - SIDDHARTH MAHAJAN, GARD
KNOWLEDGE TO ELEVATE
There are four possible methods of compliance:
1.use VLSFO (very low Sulphur oil) or blends;
2,use dis ...
Wednesday, 31 October 18
INDIA: COAL IMPORTS SURGE ON DOMESTIC SHORT SUPPLY - HINDU
Shortage of thermal coal supply in India has pushed imports up to 85 million tonnes (mt) in the first half of the current fiscal compared to 75 mt ...
Wednesday, 31 October 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
Since the IMO’s 2020 global cap on sulphur in marine fuels is coming into force, ship-owners have to decide whether they will operate using e ...
Monday, 29 October 18
IMPLEMENTATION OF SULPHUR 2020 LIMIT - CARRIAGE BAN ADOPTED - IMO
An amendment to support consistent implementation of the forthcoming 0.50% limit on sulphur in ships fuel oil was adopted by the International Mari ...
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- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Planning Commission, India
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
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