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