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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, 22 September 14
COAL SECTOR CHAOS - GENESIS TO REVELATION - DIPESH DIPU
COALspot.com: “Let there be light”, intends the government of India but the fuel side of the story paints a blackout. The recent Suprem ...
Monday, 22 September 14
CFR SOUTH CHINA COAL SWAPS LOST ON DAY, WEEK AND MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 3.10 (-4.50%) month over month and $ 0.95 PT MT week over ...
Monday, 22 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.35 (+0.69%) day on day and lost US$ 0.30 (-0.58%) per mt week on week. ...
Sunday, 21 September 14
CAPE INDEX LOST 17% W-O-W ; BALTIC DRY PLUNGES 106 POINTS
COALspot.com: This week the freight market softened a bit compared to last week.
BDI fell 8.97% week on week and closed BDI at 1075 points on ...
Friday, 19 September 14
U.S. WEEKLY COAL PRODUCTION RELATIVELY FLAT AT +0.1% - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
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- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Australian Coal Association
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
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