It's back to original BoLs in Angola

Carriers and shippers to Angola will be relieved to note that as of July 10, Angolan receivers are once more required to tender original bills of lading to take delivery of cargo, according to Andrew Pike, partner of legal firm, Bowman & Gilfillan. “This,” he told FTW, “is a welcome turnaround from earlier this year when Angolan banks had insufficient foreign currency to honour letters of credit, precipitated by the knock to the economy caused by low oil prices.” This led to port congestion skyrocketing, as many Angolan receivers found themselves unable to pay for cargo. In an attempt to address the situation, the Angolan General Tax Administration (GTA) ruled that Angolan receivers would not need to tender an original bill of lading to take delivery of cargo. “But,” said Pike, “this caused potential for fraud and non-payment of cargo, making Angola an unattractive trade destination. “In the circumstances, it was a wise move for the GTA to revoke its ruling.”