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Thursday, 26 October 17
CYBER COVER FOR E-BILLS - PHILIP STEPHENSON
 KNOWLEDGE TO ELEVATE
Increasingly popular electronic bills of lading are, by their nature, susceptible to the risk of cyber attack. Here, Standard Club considers the P&I cover position should a claim arise
If a P&I claim arises as a result of a cyber attack on an electronic bill of lading, a member would be covered as long as the cyber attack does not constitute ‘terrorism’ (or another war risk) under the club’s war risks exclusion. The member’s normal P&I cover would respond to covered losses arising, provided the electronic trading system being used had been approved by the club’s managers.
Liabilities arising out of the use of an electronic trading system approved by the managers are expressly excepted from the electronic trading exclusion in the club’s rules (that is that the rules do not exclude liabilities arising under an approved electronic trading system – they only exclude liabilities arising under a non-approved electronic trading system to the extent that such liabilities would not have arisen under a paper trading system). As such, P&I liabilities arising out of the use of such approved electronic systems are covered, although cover would still be subject to the normal exclusions applicable under the club’s rules.
There are currently three electronic trading systems that have been approved by Standard Club’s managers (along with the other International Group clubs), being essDOCS, Bolero and E-Title.
As a general principle, there is no specific cyber exclusion in Standard Club’s rules or in the International Group Pooling Agreement. This being the case, if such an approved electronic trading system were hacked into, resulting in a claim, the member’s P&I cover would continue to respond unless the hacking event were deemed to be ‘terrorism’ (or another war risk) under the war risks exclusion in the club’s rules.
Whether or not an act constitutes terrorism will largely depend on the motivation behind the act. In the context of war risks, terrorism has broadly been understood by English courts to generally mean an act or acts aimed to kill, maim or destroy indiscriminately for a political, religious or ideological cause. It is difficult to envisage that someone would hack into an electronic trading system for the purposes of killing, maiming or destroying indiscriminately for such a cause. The most that could result would appear to be, say, a mis-delivery claim. As such, it is unlikely that the act of hacking into an approved electronic trading system would constitute ‘terrorism’ for the purposes of the war risks exclusion. The member’s normal P&I cover should, therefore, continue to respond to a resulting mis-delivery claim.
However, the question of whether or not an act constitutes terrorism for the purposes of a P&I Club’s rules and, therefore, whether a member’s normal P&I cover responds would ultimately be decided by the club’s board and their decision is final.
By Philip Stephenson, Standard Club
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Wednesday, 22 November 17
THERMAL COAL WAS FLAT AMID CONCERNS OF FURTHER GOVERNMENT INTERVENTION IN CHINA, SAYS DANIEL HYNES
Coal prices were mixed. Thermal coal was flat amid concerns of further government intervention in China, said Daniel Hynes Senior Commodity Strateg ...
Wednesday, 22 November 17
CHINA CONSUMES MORE THAN TWO-THIRDS OF THE GLOBAL SEABORNE IRON ORE MARKET; PRODUCES AS MUCH STEEL AS THE REST OF THE WORLD COMBINED - CHRISTOPHER T. WHITTY
China consumes more than two-thirds of the global seaborne iron ore market and at the same time produces as much steel as the rest of the world com ...
Monday, 20 November 17
INDONESIAN COAL BENCHMARK PRICE SURGES 0.86% TO $94.80 A TON, GOVERNMENT DATA SHOWS
COALspot.com: Indonesian coal benchmark price surges 0.86% in November compared to declared price in October, the latest ministerial decree showed. ...
Friday, 17 November 17
U.S. PRODUCED 678.8 MMST OF COAL YEAR TO DATE; 9% UP Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.8 million short ton ...
Thursday, 16 November 17
PANAMAX ACTIVITIES HAVE SLOWED DOWN QUITE SUBSTANTIALLY THE LAST WEEK - FEARNLEYS
Supramax
Another week with rates easing over all the Supra routes within Atlantic.
Front hauls from USG got payed around 21-22k daily and ul ...
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Showing 1871 to 1875 news of total 6871 |
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Planning Commission, India
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- MS Steel International - UAE
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Australian Coal Association
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
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