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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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Sunday, 14 September 14
FREIGHT RATES RALLY AS DEMAND INCREASED
COALspot.com: The Baltic Dry Index (BDI) is a number (in US$) issued daily by the London-based Baltic Exchange up 2.25 percent week on week. BDI cl ...
Friday, 12 September 14
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 673.3 MMST, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Thursday, 11 September 14
THE PANAMAX MARKET IS TAKING A BREATHER - FEARNLEYS
Handy
We have experienced more activity in both hemispheres this week, said Fearnleys in this week's weekly report.
"We see rates c ...
Wednesday, 10 September 14
ARE GREEK BANKS ON THE VERGE TO START LENDING AGAIN? - JOHN N. COTZIAS
It is well known that Greek Banks had suffered severely after the economic crisis of 2008. From that period onwards, major changes have occur ...
Tuesday, 09 September 14
WEAK M&A DESPITE ABUNDANT DISTRESSED INDONESIA COAL ASSETS - FITCH RATINGS
COALspot.com: Fitch Ratings says that a meaningful level of merger and acquisition (M&A) activity leading to a consolidation of the coal sector ...
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- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Australian Coal Association
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
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