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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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Friday, 26 September 14
NEWCASTLMAXES ARE THE MOST SOUGHT AFTER VESSELS BY SHIP OWNERS TODAY SAYS VESSELS VALUE
KNOWLEDGE TO ELEVATE
Determining a ship’s fair value can be a very tricky business, especially when you’re the one paying. As such ...
Thursday, 25 September 14
LACK OF COAL BUSINESS PUSHING DOWN PANAMAX EARNINGS IN PACIFIC
Handy
In the Atlantic we see rates steady climbing upwards. More coal cargoes out of USG and USEC are helping the TA market which is up some USD ...
Wednesday, 24 September 14
ADARO AGREED TO REDUCE ITS CONCESSION AREA TO 31,379.8 HECTARES
COALspot.com: PT Adaro Energy Tbk (Adaro Energy) today announced that, PT Adaro Indonesia (AI), its wholly owned subsidiary, entered into a M ...
Wednesday, 24 September 14
CAPESIZE: ACTIVITY IN BOTH BASINS WAS UNIMPRESSIVE
COALspot.com: The end of the week prior seems to have marked the tone for the days that followed, with the Dry Bulk market giving up a significant ...
Tuesday, 23 September 14
MEDCO TO INCREASE ITS COAL PRODUCTION NEXT YEAR
COALspot.com: PT Medco Energi Internasional is looking to increase its coal production next year, supported by the launch of operations at its Duta ...
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- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
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