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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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Thursday, 04 September 14
PUNJAB STATE POWER CORPORATION LIMITED OF INDIA HAS DECIDED TO BUY IMPORTED COAL - HINDUSTAN TIMES
COALspot.com: The Punjab State Power Corporation Limited (PSPCL) has decided to buy imported coal to run its thermal plants, as reported by Hindust ...
Thursday, 04 September 14
INDONESIAN COAL MINERS MAY GET MORE TIME ON ROYALTIES - FITCH RATINGS
COALspot.com: Fitch Ratings says that coal miners in Indonesia are likely to get more time to repay the government the royalties that were set off ...
Thursday, 04 September 14
INDONESIAN COAL SWAPS SLIDE THIS PAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.90 (-1.68%) day on day and US$ 1.80 (-3.31%) per mt week on week. The ...
Thursday, 04 September 14
CAPESIZE : SENTIMENT REMAINS POSITIVE FOR Q3/Q4 - FEARNRESEARCH
Handy
The Atlantic market has experienced more activity this week. Rates for TA´s are up about 8% w-o-w, much lead by an increasing number ...
Wednesday, 03 September 14
KOREA MIDLAND POWER CO. LTD INVITES BIDS FOR 1 MMT OF BITUMINOUS & SUB-BITUMINOUS COAL FOR BORYEONG POWER PLANT
COALspot.com: KOMIPO again in the market for 1 million tons of 5700 NAR and 4600 NAR coal for Jan – March 2015. South Korean state-owned util ...
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Showing 3506 to 3510 news of total 6871 |
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- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Planning Commission, India
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- MS Steel International - UAE
- The University of Queensland
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- White Energy Company Limited
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
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