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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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Thursday, 28 August 14
BANPU REPORTS HIGHER FIRST-HALF YEAR RESULTS FOR 2014
COALspot.com: Banpu Public Company Limited (BANPU) reports higher first half-year financial results for 2014 having its gross profit increasing 3 p ...
Wednesday, 27 August 14
FREIGHT MARKET: IS THE MARKET IN A RECOVERY MOOD? - GEORGE ILIOPOULOS
Is the market in a recovery mood?
August is typically a time when the shipping industry takes it easy… charter-ers book their requireme ...
Tuesday, 26 August 14
4TH ANNUAL ASIA NICKEL
4th Annual Asia Nickel
19-20 Nov 2014
Grand Hyatt Jakarta, Indonesia
Web Site
Asia’s Premier Nickel Conference
Regulation in ...
Tuesday, 26 August 14
DESPITE LOW DRY BULK RATES, BULKER PRICES ARE STILL HIGH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, August tends to be a month of slow activity in the sale and purchasing market and this year has been no exception. However, as shipb ...
Tuesday, 26 August 14
GOVT ON TRACK TO LIMIT COAL OUTPUT - THE JAKARTA POST
The government has announced that it will proceed with plans to cap the production of coal next year, a move aimed not only at protecting the envir ...
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- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
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