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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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Sunday, 14 September 14
FREIGHT RATES RALLY AS DEMAND INCREASED
COALspot.com: The Baltic Dry Index (BDI) is a number (in US$) issued daily by the London-based Baltic Exchange up 2.25 percent week on week. BDI cl ...
Friday, 12 September 14
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 673.3 MMST, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Thursday, 11 September 14
THE PANAMAX MARKET IS TAKING A BREATHER - FEARNLEYS
Handy
We have experienced more activity in both hemispheres this week, said Fearnleys in this week's weekly report.
"We see rates c ...
Wednesday, 10 September 14
ARE GREEK BANKS ON THE VERGE TO START LENDING AGAIN? - JOHN N. COTZIAS
It is well known that Greek Banks had suffered severely after the economic crisis of 2008. From that period onwards, major changes have occur ...
Tuesday, 09 September 14
WEAK M&A DESPITE ABUNDANT DISTRESSED INDONESIA COAL ASSETS - FITCH RATINGS
COALspot.com: Fitch Ratings says that a meaningful level of merger and acquisition (M&A) activity leading to a consolidation of the coal sector ...
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- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
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