When can a bank guarantee against a lost bill of lading be cancelled..??

In cases where an original bill of lading is lost, there are several steps that need to be taken to carry on business and secure release without an original.. I previously wrote about What to do when an Original Bill of lading is lost so I am not discussing it again here..

One of the solutions for release without original bill of lading is a Bank Guarantee..

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MSC introduces new Electronic Bill of Lading globally using WAVE BL platform

Press Release - Shipping and Freight Resource

MSC Mediterranean Shipping Company, a global leader in container shipping and logistics, is officially introducing the electronic bill of lading (eBL) for its customers around the world, following a successful pilot phase, using a solution on an independent blockchain platform WAVE BL.

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Do banks verify whether the cargo has actually been loaded on a ship..??

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Shippers who deal with documentary credit know that the clause “Shipped on Board” on the bill of lading carries quite a bit of weight and there is often a lot of discussions, disputes and rejections from the side of the bank if there is any discrepancy in bill of lading in terms of the description of goods, customer details, shipped on board date, stamp or signature..

Since they are being so strict with documentation, one would naturally assume that the banks will verify whether the cargo covered in the bill of lading has actually been loaded on board the ship or not..

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How to safeguard cargo release using the correct type of bill of lading

Safeguard Cargo Release

An article on how to safeguard cargo release using the correct type of bill of lading.. This article is based on a case study information received from one of the readers..

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ZIM & Marius Nacht complete additional investment in WAVE BL

Haifa, Israel – March 15, 2021 – ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) and Marius Nacht, one of Israel’s leading serial entrepreneurs and investors, announced today that they have … Read more here..

Electronic bill of lading – are you and your country ready for it..?? – Part 2

electronic bill of lading - mletr

In Part 1 of this article I wrote a bit about the history of globalisation and trade and its connection with the bill of lading and the road to Electronic Bills of Lading..

I also posed the question whether you and your country are ready for electronic bill of lading..

An electronic bill of lading is a paperless bill of lading that is issued electronically said to fulfill the above functions in the same manner as a traditional paper bill of lading..

Many believe that the electronic bill of lading will be a game changer in the shipping industry with its faster, efficient transactions, reduction in costs with greater security and less risk..

While various countries have various regulations and legislations which allows contracts to be created and signed electronically, the legal status of the electronic bill of lading seems clear as mud..

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Executive Insights – Philip Teoh – Lawyer and Maritime Arbitrator

Executive Insights - Shipping and Freight Resource - Philip Teoh

Executive Insights is a series by Shipping and Freight Resource that provides insights and thoughtful analysis about the industry..

This series features selected individuals from the industry and is aimed at enriching the knowledge of the readers with what is happening in the shipping, freight, maritime, logistics, and supply chain industry..

Executive Insights also gives you a chance to pick the brains of these industry veterans, leaders, and enablers..

In this edition of Executive Insights, we caught up with Philip Teoh – Lawyer and Maritime Arbitrator, on aspects of International Convention of Carriages and other maritime matters..

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DCSA publishes data and process standards for bill of lading preparation and issuance

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DCSA has published data and process standards for the submission of shipping instructions and issuance of the bill of lading (B/L).

DCSA B/L standards are aligned with the UN/CEFACT (United Nations Centre for Trade Facilitation and Electronic Business) multimodal transport reference data model to ensure a global industry framework that accelerates digitalisation through a unified industry effort.

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Can a negotiable bill of lading be telex released..??

telex release - shipping and freight resource

Maybe because it is one of the most important documents in global trade, there always seems to be a degree of uncertainty around a bill of lading and questions such as this..

Many people have doubts regarding which bill of lading to issue, how many to issue..

There are also questions such as what is a Telex Release, how it works and under what circumstances a Telex Release maybe issued..

In this particular post, I will cover the circumstances under which a Telex Release maybe issued and whether a telex release can be actioned on a negotiable bill of lading..

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Help, shipping line won’t pre-date or back date my bill of lading

back dating bill of lading

Pre-Dating or Back Dating is when the shipper requests the shipping line to show the Shipped on Board date on the bill of lading as a date before the actual sailing of the vessel (example : the vessel actually sails on the 2nd of March but shipper wants the line to show the shipped on board date on the bill of lading as 28th of February)..

Why would a shipper want his bill of lading to be pre-dated or back dated and why would a shipping line reject this request..??

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Letter of Indemnity – Dos and Don’ts

loi

Many of you might have heard the term Letter of Indemnity (LOI) in day to day shipping practice..

There have been several arguments, discussions, commercial threats, litigation etc surrounding this LOI..

But many still have doubts on what an LOI is, when it can and should be used, whether it is legally enforceable and whether it is worth the paper it is written on..

I will try to answer these questions in this article..

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Fonterra completes first blockchain trade transaction using Wave’s BL

Press Release - Shipping and Freight Resource

Fonterra, one of the world’s leading international dairy processors, has completed its first e-presentation for a shipment from New Zealand to China using WAVE BL’s blockchain-based technology with HSBC as the banker.

This fully digital end-to-end Letter of Credit presentation, in which digital documents were cryptographically signed and presented using WAVE BL’s platform, is an example of the regular flow of documents between companies and banks during the international exchange of goods.

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Contour partners with CargoX to transform bills of lading

Press Release on Shipping and Freight Resource

Contour, the Singapore-based global trade finance network has today announced its partnership with CargoX, a blockchain platform for transferring documents and data including a certified electronic bill of lading solution.

The news follows Contour’s transition to full production, with the network supporting electronic bills of lading as part of digital transformation of trade.

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Implications of issuing a Clean on Board bill of lading

Many a time, shippers have asked shipping lines for “CLEAN ON BOARD” clause on a bill of lading and if the request relates to a container shipment, this might have very well been rejected by the shipping line..

Why do the shipping lines reject this..?? 

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