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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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- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Meralco Power Generation, Philippines
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