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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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Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 08 October 18
KOMIPO INVITES BIDS FOR 520,000 TONS OF COLOMBIAN ORIGIN OF 5,700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Colombian origin ...
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Showing 1591 to 1595 news of total 6871 |
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- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Australian Coal Association
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
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