Blockchain: Bills of Lading & Official Documents
Carriers, charterers, traders and shippers commonly experience the issue of original bills of lading arriving late at a port of discharge, thereby depriving the lawful holder or consignee of timely taking delivery of the cargo. This may delay cargo operations, lead to incurrence of demurrage or detention fees, directly or indirectly contribute to port congestion and/or the incurrence of port costs and expenses.
Over the years, the shipping industry has developed ways of addressing this issue. In particular, the consignee and/or charterers can issue a Letter of Indemnity (“LOI”) for the benefit of the carrier for the purpose of procuring the early release of the cargo without the need to tender an original bill of lading. The effect of this is to provide the carrier with a form of security against claims it may face as a consequence of releasing the cargo without insisting on the provision of original bills of lading.
Please click here to view the rest of the article.
Related news & insights
Insights / Court of Appeal confirms one-year time bar applies to mis-delivery after discharge
31-05-2023 / Maritime
The Court of Appeal has held that the Hague-Visby Rules one-year time bar applied to the Claimant bank’s claim under the bills of lading for mis-delivery after discharge. As a result, the claim was out of time. Read our article, by William Chetwood, Reema Shour and Sharon Msiza, for a discussion of the decision.
Insights / How to approach remoteness of damage in multi-contract commodities dispute
24-05-2023 / Maritime
In this commodities dispute, the Court has found that the arbitral appeal tribunal had misdirected itself on whether the claimant’s losses were too remote to be recoverable. In their article, Joanna Steele and Reema Shour discuss why the Court came to this conclusion.
Insights / Supreme Court dismisses attempt to treat one-off oil spill as a continuing nuisance
15-05-2023 / Maritime
The Supreme Court has dismissed an argument that an oil spill emanating from the sea constituted a continuing nuisance and provided the claimants with a continuing cause of action for so long as the oil remained on their land. The oil spill was a one-off event and the cause of action accrued and was complete once the claimants’ land had been affected by the oil. Read our article, by Chris Kidd, Sophie Forsyth and Reema Shour.
Insights / Bill of lading in hands of charterer when it ceases to be charterer: document of title or mere receipt?
10-05-2023 / Maritime
The Court of Appeal has considered the status of a bill of lading in the hands of charterer after it ceases to be a charterer. Is it a document of title or a mere receipt? Our article, by Jamila Khan, Iain Preston and Reema Shour, analyses the decision.
News / KSA Special Economic Zones (SEZs)
04-05-2023 / Commodities & Trade, Energy & Infrastructure, Hospitality & Leisure, Maritime, TMT
KSA has been actively pursuing economic diversitication for investors to do business in the Kingdom. The first Special Economic Zone has now been established, with special commercial regulations.
News / Court finds there was no binding arbitration agreement between parties
27-04-2023 / Maritime
Court finds there was no binding arbitration agreement between parties. Emirates Shipping Line DMCEST v. Gold Star Line Ltd [2023] EWHC 880 (Comm) The underlying contract in this dispute was a 2018 Memorandum of Understanding (MOU) governing the operation of a container shipping line. The 2018 MOU contained an LMAA arbitration clause.
