We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Sunday, 24 August 14
SEA FREIGHT MARKETS STARTING TO LOOK POSITIVE; CAPES DRIVE FREIGHTS HIGHER
COALspot.com: The freight market has strengthen further this week with BDI up 7.19 pct week on week. The BDI was closed at 1,088 points while the B ...
Friday, 22 August 14
INDIAN IRON ORE ROYALTY RISE NOT LIKELY TO HURT STEELMAKERS' MARGINS - FITCH
Fitch Ratings does not expect an increase in India's iron ore royalty rates to have a major impact on the profitability of steel producers in t ...
Friday, 22 August 14
ARBITRATION CLAUSE IN LOU HELD TO REPLACE CHARTERPARTY ARBITRATION CLAUSE
KNOWLEDGE TO ELEVATE
The Claimants had claims for cargo damage against the vessel Owners arising under four bills of lading. The vessel was th ...
Friday, 22 August 14
ICAP ENERGY LAUNCHES GLOBAL COKING COAL DERIVATIVES TRADING
First contract completed and cleared on CME
COALspot.com: ICAP Energy, the energy business of ICAP plc, announces today that it has successful ...
Friday, 22 August 14
U.S WEEKLY COAL PRODUCTION UP 2.4% WEEK OVER WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.60 million short tons (mmst) of coal in ...
|
|
|
Showing 3531 to 3535 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- MS Steel International - UAE
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Planning Commission, India
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
|
| |
| |
|
