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Tuesday, 29 May 18
BLOCKCHAIN CAN HAVE A TRANSFORMATIVE EFFECT ON THE SHIPPING INDUSTRY
 KNOWLEDGE TO ELEVATE
Following the launch of a legal briefing on blockchain contracts from UK P&I Club, Claims Executive, Filip Koscielecki explains how the technology can be hugely beneficial for the shipping sector:
“Blockchain is the new buzzword in the shipping industry that is increasingly difficult to get away from. Many within the sector, however, are still wondering what blockchain technology is and how it works.
Blockchain explained
“Blockchain is essentially an online communication protocol allowing users who are interdependent to participate in a transaction, without any one user having more control over the transaction than the other users. All parties to the transaction have access to the same information and no one party can attempt to amend or vary the transaction unilaterally without acquiring the permission of the others.
“The whole process is guarded by sophisticated cryptography and the exact copies of the transaction’s ledger are distributed amongst the participants, making it is virtually impossible for the transaction to be manipulated by an external party.
Blockchain and shipping
“Blockchain could be harnessed in any scenario where multiple parties have to exchange a plethora of information in order to achieve an overarching goal, for example, the shipping of goods.
“For goods to be moved from one continent to another, numerous parties have to reach agreements by entering into contracts which will govern the various steps of this process. Some of these agreements, such as sales contracts, will provide an overarching roadmap for the desired outcome. Other contracts such as charter parties and bills of lading will then have to be entered into to facilitate this performance.
“Blockchain can enable a conversion of the contractual terms and conditions into self-executable computer software which automatically implements and polices the terms and conditions between the parties to the contract. As the technology progresses, the prospects are that natural language contracts might even be done away with completely and be replaced with a contract made entirely of code.
“The potential benefits from using smart contracts in shipping are substantial. Smart contracts can have a transformative effect on the maritime industry, leading to increased accuracy, security and transparency, as well as decreased reliance on intermediaries and savings of time.
“The predicted overall impact of blockchain and smart contracts on trade is significant. The World Economic Forum estimates that 10% of GDP will be stored on blockchain by 2027. . The first contracts to benefit from blockchain technologies are likely to be main underlying agreements like sales or trade contracts, charter parties and bills of lading.
Legal hurdles
“Due to the cross jurisdictional nature of the majority of blockchain contracts, basic contractual concepts such as ‘ownership’ or ‘title to goods’ can put hurdles in the way of their execution. The recognition of blockchain contracts by key jurisdictions will be crucial to securing parties’ rights of enforcement.
“However, electronic means for transmitting and exchanging information have been available for some time. Most jurisdictions therefore, no longer challenge the possibility for contracts to be created electronically.
“As the smart contracts technology is still in its infancy, we are yet to see how legal issues surrounding it will be resolved. Nevertheless, smart contracts will gradually become pervasive in the wider maritime industry. They offer a practical solution to issues which have negatively impacted trade for years. In time, law and regulations will undoubtedly develop to accommodate this impending commercial revolution and the uncertainties surrounding smart contracts will then gradually diminish.”
Source: UK P&I Club
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Wednesday, 30 May 18
HIGH PRICE, DMO ENCOURAGE COAL MINERS TO BOOST PRODUCTION - THE JAKARTA POST
A number of coal miners are planning to increase production by 10 percent in the second half of this year after a worldwide price increase.
Th ...
Wednesday, 30 May 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
Among several hot topics that will be discussed during the Posidonia week, the International Maritime Organization regulation that will be enforced ...
Tuesday, 29 May 18
INDIA'S COAL IMPORT DECLINES IN APRIL AMID DIVERSION TO THERMAL POWER PLANTS - PTI
India’s coal import fell by 9 percent to 17.32 million tonnes (MT) in April on the back of ample supply of dry fuel from domestic sources.
...
Monday, 28 May 18
COAL SUPPLY DIVERSION IRKS INDUSTRIES DEPENDENT ON CAPTIVE POWER PLANTS - HINDU BUSINESS LINE
The government’s move to prioritise coal supplies to power plants with minimal coal stock has disrupted fuel supply to some sectors, which ha ...
Monday, 28 May 18
KOMIPO ISSUED ANOTHER TENDER FOR 130K MT OF 5700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 130,000 mt of min. 5700 NAR coal of Australian origi ...
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Showing 1711 to 1715 news of total 6871 |
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- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
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