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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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Thursday, 18 October 18
SUPRAMAX: INDO/WC INDIA SUPRAS ARE FIXING AROUND MID $14000S P/D BASIS SPORE DELIVERY
Capesize
The volatile Cape market continues this week, especially in the Pacific says Fearnleys in its latest weekly report.
...
Thursday, 18 October 18
COAL SHORTAGE HITS POWER SECTOR AGAIN; HOW INDIA CAN GET ITS PRODUCTION RIGHT - ANIL SWARUP
By convincing states of the value proposition of increased production, the record production of Fy15 & Fy16 can be emulated.
The ...
Thursday, 18 October 18
CHINA POWER REFORM NEUTRAL ON GRIDS, PRESSURES IPP MARGINS - FITCH RATINGS
China's power sector reform has a broadly neutral impact on transmission grids although it will pressure the power producers' margins, says ...
Wednesday, 17 October 18
ESCROW SERVICE FOR BALTIC MEMBERS NOW LIVE
The Baltic Exchange’s Escrow Service for its members to hold deposits for ship sale transactions goes live today (15 October). The service is ...
Wednesday, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do ...
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Showing 1586 to 1590 news of total 6871 |
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- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- CNBM International Corporation - China
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
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