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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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Tuesday, 09 September 14
PORT OF NEWCASTLE SHIPPED 13.207 MTN OF COAL IN AUGUST; TRADE VALUE AROUND $1.17 BILLION
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.17 billio ...
Monday, 08 September 14
SUB-BIT FOB INDONESIA COAL SWAP UNDERPERFORMED LAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.20 (-0.39%) day on day and US$ 1.60 (-3.04%) per mt week on week. The ...
Monday, 08 September 14
API 8 CFR SOUTH CHINA COAL SWAP FOR DELIVERY JAN'15 CLOSED AT US$ 66.30 PMT W/E 5 SEPTEMBER 2014; LOST 5.15% M-O-M
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.15 (-0.23%) day on day and US$ 2.05 (-3.04%) week on wee ...
Monday, 08 September 14
CHINESE IRON ORE IMPORT DEMAND VERY STRONG - COMMODORE
COALspot.com: 30 dry bulk vessels were chartered in the spot iron ore market last week to haul iron ore import cargoes to Chinese buyers.
Acco ...
Sunday, 07 September 14
FREIGHT MARKET CONTINUED TO BE FIRM IN SPITE OF CAPE'S THIS WEEK'S WEAK PERFORMANCE
COALspot.com: BDI up by 0.7 pct week on week and closed at 1155 points this week. The Baltic Dry Index is a composite of three sub-indexes that mea ...
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- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Australian Coal Association
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- The University of Queensland
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
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