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Thursday, 18 September 14
ELECTRONIC BILLS OF LADING: A GUIDE TO PAPERLESS TRADING WHICH HAS TAKEN THE SHIPPING INDUSTRY BY STORM
 Bimco has recently developed and published a charter party clause that specifically addresses the use of electronic bills of lading. Increasing use of electronic documentation, particularly in the dry cargo sector, has resulted in a growing user demand from owners and charterers.
In response to this demand, BIMCO brought together a group of charterers and owners to develop a new clause for charter parties that specifically addresses the use of electronic bills of lading (paperless trading) systems.
Today there are two platforms at the forefront of developments in electronic bill of lading systems - essDOCS and Bolero – both of which have been approved by the International Group of P&I Clubs (“the International Group”) as well as by P&I Clubs outside the group.
The use of electronic bills of lading is said to offer benefits both to charterers and owners in streamlining the documentation process and reducing the risk of fraud. The purpose of BIMCO’s new Electronic Bills of Lading Clause is to provide a contractual agreement to permit the use by charterers of the essDOCS and Bolero systems for bills of lading, waybills and delivery orders. The clause effectively confers on electronic bills of lading the same status as paper bills of lading under the terms of the charter party.
The full wording of the Electronic Bills of Lading Clause is as follows:
BIMCO Electronic Bills of Lading Clause
(a) At the Charterers’ option, bills of lading, waybills and delivery orders referred to in this Charter Party shall be issued, signed and transmitted in electronic form with the same
effect as their paper equivalent.
(b) For the purpose of Sub-clause (a) the Owners shall subscribe to and use Electronic (Paperless) Trading Systems as directed by the Charterers, provided such systems are
approved by the International Group of P&I Clubs. Any fees incurred in subscribing to or for using such systems shall be for the Charterers’ account.
(c) The Charterers agree to hold the Owners harmless in respect of any additional liability arising from the use of the systems referred to in Sub-clause (b), to the extent that such
liability does not arise from Owners’ negligence.
A BIMCO Special Circular containing the full wording of the Electronic Bills of Lading Clause with an accompanying explanatory note can be downloaded at BIMCO’s website.
The Position of the P&I Clubs within the International Group with regard to paperless trading already from 1998, the Association together with other P&I Clubs in the International Group has reviewed progress on electronic trading systems. Please find Circulars from 11 December 1998 and 5 October 1999 (and subsequent circulars) on our website.
Until February 2010, the Rules of all of the Clubs comprising the International Group specifically excluded liabilities in respect of the carriage of cargo under all electronic trading systems to the extent that the liabilities under such systems would not have arisen under a ‘normal’ paper system, using transferable paper documentation.
The International Group, after reviewing a number of electronic trading systems, agreed in 2010 that liabilities arising in respect of the carriage of cargo under such systems would be covered from 20 February 2010 provided that the system had first been approved by the International Group. The Circular can be found on Skuld’s website.
Approved Systems
The two systems currently approved by the International Group are the ones administered by - essDOCS version called DSUA 2013.1 (into effect as of 18 March) and it enables electronic trading both in respect of bills of lading and waybills. This version supersedes the essDOCS previous electronic trading system version DSUA 2009.3, which remains approved for the purposes of Club cover (cf. the 2013 Circulariv) and - Bolero International Ltd. (the Bolero system – Rulebook/Operating Procedures, September 1999).
Cover Position
Members should be aware that traditional exclusions of cover under Club Rules relating to the
carriage of cargo, will of course continue to apply in respect of essDOCS and Bolero in the same way as for paper systems, e.g. discharge at a port or place other than the port or place provided for in the contract of carriage, the issue/creation of an ante- or post-dated electronic document/record, delivery of cargo without the production of the negotiable electronic document/record.
Non-covered Risks
The 2010 and 2013 Circulars also clarify that using an electronic bill of lading may expose members to liabilities which are not of a traditional P&I nature.
This is a reference to the types of liabilities members face when using any electronic system or electronic interface in their office or on their ships, for example the risk of viruses, “hacking”, or the accidental release or theft of information.
Further liabilities may include, for example, those which arise under the contractual arrangements, which members have to make directly with the system operator (Bolero or essDOCS or other, non-approved systems), such as obligations to maintain computer links, or the introduction of a virus within the operator’s or a user’s system.
The user agreements also contain undertakings of confidentiality and could give rise to liabilities, if broken. All of these risks are non-marine risks, and may be covered by members’ own business insurances. These are not in the nature of P&I risks. In insurance terms, they may be described as “cyber-risks” or business risks.
Please find further helpful information about paperless trading in the International Group’s FAQs dated 6 August 2013. In addition, BIMCO has compiled a list of FAQs for its members that answer many of the questions about the use of electronic bills of lading.
Feedback requested
Finally, the Association encourages its members who are using either of the two approved electronic trading systems, to report to us that they are doing so and of any benefits or difficulties which they encounter, legal or practical, in the operation of either system. This information would be helpful to the International Group, in monitoring the use and development of the two systems.
Practical Advice on how paperless trading works
We recommend that members consult the websites from those organisations providing the two systems that are approved by the International Group to familiarise themselves with the systems and how paperless trading works.
Source: Skuld / Hellenic Shipping
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Friday, 26 September 14
NEWCASTLMAXES ARE THE MOST SOUGHT AFTER VESSELS BY SHIP OWNERS TODAY SAYS VESSELS VALUE
KNOWLEDGE TO ELEVATE
Determining a ship’s fair value can be a very tricky business, especially when you’re the one paying. As such ...
Thursday, 25 September 14
LACK OF COAL BUSINESS PUSHING DOWN PANAMAX EARNINGS IN PACIFIC
Handy
In the Atlantic we see rates steady climbing upwards. More coal cargoes out of USG and USEC are helping the TA market which is up some USD ...
Wednesday, 24 September 14
ADARO AGREED TO REDUCE ITS CONCESSION AREA TO 31,379.8 HECTARES
COALspot.com: PT Adaro Energy Tbk (Adaro Energy) today announced that, PT Adaro Indonesia (AI), its wholly owned subsidiary, entered into a M ...
Wednesday, 24 September 14
CAPESIZE: ACTIVITY IN BOTH BASINS WAS UNIMPRESSIVE
COALspot.com: The end of the week prior seems to have marked the tone for the days that followed, with the Dry Bulk market giving up a significant ...
Tuesday, 23 September 14
MEDCO TO INCREASE ITS COAL PRODUCTION NEXT YEAR
COALspot.com: PT Medco Energi Internasional is looking to increase its coal production next year, supported by the launch of operations at its Duta ...
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- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- The University of Queensland
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
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