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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, 30 August 14
RECOVERY IN SIGHT FOR THE DRY BULK SHIPPING MARKET - DREWRY SHIPPING CONSULTANTS
Despite weak freight rates so far this year, Dry Bulk shipping earnings are forecast to recover as demand for both major and minor bulk commodities ...
Friday, 29 August 14
U.S. WEEKLY COAL PRODUCTION DROPS 1.3 PERCENT, EIA SAYS
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Friday, 29 August 14
ADARO'S PROFITS SINK FURTHER AMID FALL IN COAL PRICES - JP
Adaro Energy, one of the country’s largest coal miners, has reported a 31 percent drop in net profit in the first half of this year as global ...
Friday, 29 August 14
CHINESE LIGNITE IMPORTS: QUANTITY OVER QUALITY? - CLARKSONS
In the first half of 2014, Chinese seaborne coal imports declined 0.4% y-o-y to 148mt, largely reflecting a 3.3% fall in imports of steam coal. Mea ...
Thursday, 28 August 14
PANAMAX: OWNERS CAN GET AROUND USD 16000 FOR A FRONTHAUL; PERIOD MARKET - VERY QUIET - FEARNLEYS
Handy
The activity and sentiment is improving in the Atlantic with the general TA rate is up about US$ 800 w-o-w. We see more South American carg ...
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- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- The Treasury - Australian Government
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Planning Commission, India
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Ministry of Mines - Canada
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