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