Menu
Blockchain: Bills of Lading & Official Documents

News / / Singapore

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.

Wole Olufunwa

Wole Olufunwa Director (Partner)

Related sectors:

Related news & insights

News / The Arbitration Act 1996 – pause for thought, 25+ years on…

30-09-2022 / Maritime

At the request of the UK Government, the Law Commission is reviewing the Arbitration Act 1996 (the “Act”) to establish whether or not it remains fit for purpose.

The Arbitration Act 1996 – pause for thought, 25+ years on…

News / IMO’s Short Term Measure for reducing greenhouse gas emissions: implications for maritime industry

16-09-2022 / Maritime

The committee responsible for addressing environmental issues under the remit of the IMO is the Marine Environment Protection Committee (MEPC). Amongst several of its environmental safeguarding initiatives, the MEPC’s work includes the control of emissions from ships, including greenhouse gas emissions.

IMO’s Short Term Measure for reducing greenhouse gas emissions: implications for  maritime industry

News / Shipping E-brief September 2022

14-09-2022 / Maritime

The Shipping E-Brief is a publication providing you with key information on legal decisions and developments in shipping and related business areas.

Shipping E-brief September 2022

News / UK Government National Strategy for Maritime Security emphasises importance of cyber resilience

13-09-2022 / Maritime

“Our vision is that the UK in 2030 will continue to be a leading responsible and democratic cyber power, able to protect and promote our interests in and through cyberspace in the support of national goals.”

UK Government National Strategy for Maritime Security emphasises importance of cyber resilience

News / Finance charters and events of default

08-09-2022 / Maritime

OCM Maritime Nile LLC & Anor v. Courage Shipping Co Ltd & Others (Courage and Amethyst) [2022] EWCA Civ 1091 This case concerned an alleged Event of Default under a finance bareboat charter and owners’ rights to terminate and raised issues of general importance under bareboat charters.

Finance charters and events of default

News / Court applies traditional good weather method for assessing vessel’s performance

07-09-2022 / Maritime

Eastern Pacific Chartering Inc v. Pola Maritime Ltd (Divinegate) [2022] EWHC 2095 (Comm) The Court has recently dismissed a claim for wrongful arrest in an underperformance dispute and also given helpful guidance as to how speed and performance cases are to be approached.

Court applies traditional good weather method for assessing vessel’s performance