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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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Wednesday, 03 September 14
CFR S.CHINA COAL SWAP FOR JAN 2015 DELIVERY CLOSED AT $ 68.30 PMT; DOWN 2.43% W-O-W
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.95 (-1.39%) day on day and US$ 1.40 (-2.03%) week on wee ...
Tuesday, 02 September 14
BERAU COAL HAS AWARDED A CONTRACT EXTENSION TO BUMA FOR 647 MLN BCM OVERBURDEN REMOVAL
COALspot.com: PT Delta Dunia Makmur Tbk (“DOID”) has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama (&l ...
Monday, 01 September 14
GLOBALCOAL WELCOMES TWO NEW MARKET MEMBERS
COALspot.com: globalCOAL® announced today that two Market Members have joined its trading community. Both new Market Members are from the India ...
Sunday, 31 August 14
COAL FREIGHT RATES INTO INDIA FROM INDONESIA FIRM
COALspot.com: The freight market continued to firm this week. BDI up 5.42 percent week ended 29 August and closed at 1147 points while the Ca ...
Saturday, 30 August 14
INDIAN GOVERNMENT SHOULD TAKE NOTICE: THERMAL COAL IMPORT PRICES EXTREMELY LOW - COMMODORE RESEARCH
COALspot.com: Both Indonesian and Australian thermal coal prices are at the lowest levels seen this decade, with Indonesia's monthly benchmark ...
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- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
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