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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, 24 October 18
CHINESE POWER PLANT STOCKPILES AT HIGHEST LEVEL SINCE 2015 - JEFFREY LANDSBERG
Chinese power plant coal stockpiles have climbed to approximately 83.3 million tons as of the middle of this month, said Jeffrey Landsberg in his e ...
Tuesday, 23 October 18
WILL THE U.S. COAL DECLINE CONTINUE? - FORBES
What’s Trump’s new coal proposal?
Adding to its controversial plan to leverage federal authority to keep retiring baselo ...
Monday, 22 October 18
CONTINUED HIGH LNG PRICES; TRADE WAR IMPACT LIMITED - FITCH RATINGS
Fitch Ratings expects sustained high spot liquefied natural gas (LNG) and contract prices over the next two quarters on limited investment in LNG e ...
Monday, 22 October 18
WINTER OIL MARKET OUTLOOK - OPEC
The oil market in the winter season is generally characterized by demand for diesel, particularly in the northern hemisphere, leaving product marke ...
Saturday, 20 October 18
PANAMAX: THE PACIFIC SAW A LARGE VOLUME OF FIXING, WITH INDONESIA AGAIN THE DRIVING FORCE - THE BALTIC BRIEFING
Capesize
A positive end to last week after a shaky start, with a Coaltrans taking participants out of the market early on and with rates slippi ...
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Showing 1581 to 1585 news of total 6871 |
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- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- White Energy Company Limited
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
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