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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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Monday, 29 September 14
INDONESIAN COAL EXPORT VOLUME FALL IN AUGUST
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
Monday, 29 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average November 2014 flat day on day and lost US$ 0.85 (-1.66%) per mt week on week. The swap also lost US ...
Monday, 29 September 14
CFR SOUTH CHINA COAL LOST AROUND 5% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 3.55 (-5.10%) month over month and flat week over week.
...
Sunday, 28 September 14
FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE FIRM NEXT WEEK - CAPT. REDDY
COALspot.com: The freight market shows a bit weak trend this week.
The BDI was lost 2.42% week on week and closed at 1049 points on 26 Se ...
Sunday, 28 September 14
BERAU AGREES DEAL WITH GOVT, MINING AREA REDUCED - THE JAKARTA POST
Coal miner PT Berau Coal, a subsidiary of Jakarta-listed PT Berau Coal Energy (BRAU), has signed a memorandum of understanding (MoU) with the gover ...
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- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Planning Commission, India
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Australian Coal Association
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- The University of Queensland
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
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