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