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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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Saturday, 27 September 14
OIL MARKET CONTANGO: SPECULATION ON FUTURE PRICES CAN BE A RISKY MOVE, EVEN FOR TANKER OWNERS HELLENIC SHIPPING NEWS
Despite the fact that tanker owners can easily use their vessels as floating storage units for oil, in a bid to exploit the current oil market dyna ...
Saturday, 27 September 14
MORE COAL MINERS AGREE TO AMEND CONTRACTS - THE JAKARTA POST
The Energy and Mineral Resources Ministry is in a rush to beat a deadline for the conclusion of numerous memorandums of understanding (MoUs) with t ...
Friday, 26 September 14
INDIA SUPREME COURT RULING TO HIT STEEL, UTILITY EARNINGS, SAYS FITCH
COALspot.com: The 24 September Supreme Court of India (SCI) decision to cancel almost every coal block allocation since 1993 will have a negative f ...
Friday, 26 September 14
U.S WEEKLY COAL PRODUCTION FELL 1.8% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.80 million short tons (mmst) of c ...
Friday, 26 September 14
ORACLE SIGNS EPC FRAMEWORK AGREEMENT WITH SEPCO FOR COAL MINE AND POWER PLANT IN PAKISTAN
COALspot.com: Oracle Coalfields PLC, the UK developer of a lignite coal mine and power plant in the south-eastern Sindh Province, Pakistan, has ann ...
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- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Economic Council, Georgia
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Australian Coal Association
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