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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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Tuesday, 17 October 17
U.S RECORD EXPORTS OIL TO EAST HAS HELPED THE TANKER TRADE - GEORGE LAZARIDIS
There was a flood of fresh news this week which clouded the overall prospects of the crude oil market. Just one week prior Saudi Arabia and Russia, ...
Monday, 16 October 17
INDONESIA TO INDIA COAL FREIGHT RATES STAY FIRM
COALspot.com: The daily average earnings for Supramax, for the route Indonesia to India passing through Singapore has stayed firm, week over week, ...
Friday, 13 October 17
INDIKA ENERGY SIGNS SHARE PURCHASE AGREEMENTS FOR AN ADDITIONAL 45% STAKE IN KIDECO
PT Indika Energy Tbk. and its wholly-owned subsidiary PT Indika Inti Corpindo (collectively, “Indika Energy”) has entered into separate ...
Friday, 13 October 17
THE SHORT-TERM OUTLOOK FOR THE PANAMAX MARKET REMAIN POSITIVE - FEARNLEYS
Supramax
The market has picked up strongly since last week with the Chinese holidays. In the Pacific rates are increasing with some strong number ...
Friday, 13 October 17
U.S. COAL EXPORTS FOR THE FIRST SEVEN MONTHS OF 2017 TOTALED 51 MMST; UP 62% YOY, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million shor ...
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Showing 1911 to 1915 news of total 6871 |
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- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Economic Council, Georgia
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
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