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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, 28 August 14
BANPU REPORTS HIGHER FIRST-HALF YEAR RESULTS FOR 2014
COALspot.com: Banpu Public Company Limited (BANPU) reports higher first half-year financial results for 2014 having its gross profit increasing 3 p ...
Wednesday, 27 August 14
FREIGHT MARKET: IS THE MARKET IN A RECOVERY MOOD? - GEORGE ILIOPOULOS
Is the market in a recovery mood?
August is typically a time when the shipping industry takes it easy… charter-ers book their requireme ...
Tuesday, 26 August 14
4TH ANNUAL ASIA NICKEL
4th Annual Asia Nickel
19-20 Nov 2014
Grand Hyatt Jakarta, Indonesia
Web Site
Asia’s Premier Nickel Conference
Regulation in ...
Tuesday, 26 August 14
DESPITE LOW DRY BULK RATES, BULKER PRICES ARE STILL HIGH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, August tends to be a month of slow activity in the sale and purchasing market and this year has been no exception. However, as shipb ...
Tuesday, 26 August 14
GOVT ON TRACK TO LIMIT COAL OUTPUT - THE JAKARTA POST
The government has announced that it will proceed with plans to cap the production of coal next year, a move aimed not only at protecting the envir ...
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- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
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- White Energy Company Limited
- Bangladesh Power Developement Board
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- AsiaOL BioFuels Corp., Philippines
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- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
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- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Australian Coal Association
- PowerSource Philippines DevCo
- Planning Commission, India
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
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