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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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Saturday, 30 August 14
RECOVERY IN SIGHT FOR THE DRY BULK SHIPPING MARKET - DREWRY SHIPPING CONSULTANTS
Despite weak freight rates so far this year, Dry Bulk shipping earnings are forecast to recover as demand for both major and minor bulk commodities ...
Friday, 29 August 14
U.S. WEEKLY COAL PRODUCTION DROPS 1.3 PERCENT, EIA SAYS
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Friday, 29 August 14
ADARO'S PROFITS SINK FURTHER AMID FALL IN COAL PRICES - JP
Adaro Energy, one of the country’s largest coal miners, has reported a 31 percent drop in net profit in the first half of this year as global ...
Friday, 29 August 14
CHINESE LIGNITE IMPORTS: QUANTITY OVER QUALITY? - CLARKSONS
In the first half of 2014, Chinese seaborne coal imports declined 0.4% y-o-y to 148mt, largely reflecting a 3.3% fall in imports of steam coal. Mea ...
Thursday, 28 August 14
PANAMAX: OWNERS CAN GET AROUND USD 16000 FOR A FRONTHAUL; PERIOD MARKET - VERY QUIET - FEARNLEYS
Handy
The activity and sentiment is improving in the Atlantic with the general TA rate is up about US$ 800 w-o-w. We see more South American carg ...
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- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- The University of Queensland
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Wood Mackenzie - Singapore
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