Bills of Lading in Commodity Trading, Especially High Sea Sales: A Comprehensive Discussion on Transfer of Rights & Fraud Risks

Date & Time: October 9, 2026 (Friday) 11:00-12:00

Venue: Room 723, 7/F Cheng Yu Tung Tower, The University of Hong Kong

Language: English

(In-person Event)  

Abstract:

This lecture explains the crucial role of bills of lading in commodity trading. We focus in particular on Offshore / high sea transactions where goods are bought and sold multiple times before they reach the port. Whether coal, crude oil or metals – we discuss in detail how ownership of goods worth millions of dollars can change hands with just one document and without any physical delivery of the cargo. In such transactions, there a possibility of fraud and we will consider how to minimise such misadventures. 

Lecture Structure and Key Points

Part 1: Basic Functions and Legal Character of Bills of Lading

1.1 Functions of a Bill of Lading

1.2 Transfer Mechanism

Part 2: How Do High Sea Sale Transactions Work in Practice?

2.1 Why Can Goods Be Resold Multiple Times at Sea?

2.2 Practical Process of High Sea Transactions

2.3 Clarification of Terms: Common Misunderstandings

Part 3: Main Patterns of Bill of Lading Fraud

3.1 Counterfeiting and Counterfeit Bills of Lading

3.2 Retroactive Bill of Lading (Inverted Bill of Lading) and Advance Payment Bill of Lading (Advance Payment Debit)

Part 4: General Discussion and Q & A

Speaker:

Jagmeet Makkar, FICS

FRINA, FIMarE(I), FHKIArb, MCIArb, PMIoS, AFNI

Practicing Maritime Arbitrator | Accredited Mediator | Maritime Expert / Witness

Immediate Past Chairman, Institute of Chartered Shipbrokers, Hong Kong Branch 

Over 40 years in the shipping industry, with more than 20 years in senior leadership roles spanning freight trading, fleet operations, risk management, and commercial strategy. This experience is complemented by a Master’s degree in Energy, Trade & Finance from Bayes Business School (formerly Cass), with a focus on derivatives, commodity pricing, and energy markets.

Active practice as a maritime arbitrator and accredited mediator, combined with a continuous engagement as a trainer and faculty member for maritime and arbitration courses. This ongoing involvement in dispute resolution and education (learning and teaching) ensures familiarity with current legal frameworks, evidentiary standards, and industry practices.

Chair:

Professor Felix Chan, Associate Professor and Director of LLM (Spec. Maritime Law) programme, Faculty of Law, The University of Hong Kong

This is an in-person event. Prior registration is required. Please click here to register. For inquiries, please email Louisa at .

This event is organized by Philip K. H. Wong Centre for Chinese Law (CCL), Faculty of Law, The University of Hong Kong. To watch recordings of past CCL events, please subscribe to our YouTube channel: The Centre for Chinese Law – YouTube. To keep up with our activities, follow us on Twitter https://twitter.com/CCLHKU.

Philip K.H. Wong Centre for Chinese Law at The University of Hong Kong promotes legal scholarship with the aim to develop a deeper understanding of China and facilitate dialogue between East and West. For more information, visit: Philip K.H. Wong Centre for Chinese Law