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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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Tuesday, 16 September 14
INDONESIAN GOVERNMENT DECLARED HBA SUFFERED ANOTHER SETBACK IN SEPTEMBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in September. HBA for ...
Tuesday, 16 September 14
INDONESIAN COAL OUTPUT WON'T EXCEED 421M TONS: GOVT - JP
The government is optimistic that it will meet its coal production target for this year, which caps nationwide production at a flat number compared ...
Monday, 15 September 14
CHINA'S COAL PROPOSALS LEAVE SOME HOPE FOR EXPORTERS - DAILY NEWS
When the best thing you can say about new policies is that they aren’t as bad as they could have been, then you know your industry is in deep ...
Monday, 15 September 14
SUB-BIT FOB INDONESIA COAL SWAP, JANUARY 2015 DELIVERY GAINED DAY ON DAY AND WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.40 (+0.78%) day on day and US$ 0.55 (+1.08%) per mt week on week. The ...
Monday, 15 September 14
CFR SOUTH CHINA COAL SWAP GAINED DAY ON DAY AND WEEK ON WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 2.30 (-3.36%) month over month, but increased day on day a ...
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- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Eastern Energy - Thailand
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
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