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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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Wednesday, 08 October 14
OIL COULD FALL TO USD80 BEFORE SHALE SUPPLY RESPONSE - FITCH
COALspot.com: Brent oil could fall as low as USD80 a barrel before triggering a self-correcting supply response with shale-oil drillers cutting inv ...
Wednesday, 08 October 14
IS THERE ANY BRIGHT SIDE ON THE DRY BULK SEGMENT? - YANNIS OLZIERSKY
In the movie “Life Of Brian”, a character on a nearby cross was singing the famous “Always look on the bright side of life” ...
Tuesday, 07 October 14
TAIPOWER TO IMPORT 525K MT OF LOW ASH AND EXTRA LOW SULFUR SUB-BITUMINOUS COAL
COALspot.com: Taiwan Power Company intends to procure 525,000 metric tons of low ash and extra low sulfur sub-bituminous coal for Taipower thermal ...
Tuesday, 07 October 14
SUB-BIT FOB INDONESIA COAL SWAP SHOWS A FLAT TO WEAK TREND THIS PAST WEEK
COALspot.com: Indonesian coal swaps November 2014 delivery flat week on week and gained US$ 0.10 (-0.20%) per mt day on day. The swap also lost US$ ...
Tuesday, 07 October 14
THE RIO TINTO CONFIRMS THAT NO DISCUSSIONS ARE TAKING PLACE WITH GLENCORE
COALspot.com: The board of Rio Tinto notes the recent press speculation regarding a possible combination of Rio Tinto and Glencore.The Rio Tinto bo ...
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- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Planning Commission, India
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- The University of Queensland
- VISA Power Limited - India
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
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