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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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Thursday, 12 October 17
THERMAL COAL PRICES IN EUROPE AND ASIA PUSHING HIGHER - DANIEL HYNES
Coal markets took the lead from the oil market, with thermal coal prices in Europe and Asia pushing higher says Daniel Hynes,Senior Commodity Strat ...
Wednesday, 11 October 17
2020 DEBATE AT IBIA'S LISW EVENT: COMPLIANCE & ENFORCEMENT – IT'S COMPLICATED : IBIA
There is no doubt about the start date for the 0.50% marine fuel sulphur limit in MARPOL Annex VI, but questions remain around how it will be enfor ...
Wednesday, 11 October 17
SHIPPING MARKET INSIGHT - TIMOS PPADIMITRIOU
With the majority of second-hand tonnage transactions taking place in the dry bulk sector it’s easy to lose sight of what is happening over a ...
Tuesday, 10 October 17
DELIVERY OF CARGO WITHOUT ORIGINAL BILLS OF LADING - UK P&I CLUB
KNOWLEDGE TO ELEVATE
- It is common in a lot of trades, whether bulk or oil, to accept a Letter of Indemnity (“LOI”) for non-produ ...
Monday, 09 October 17
INDONESIAN COAL PRICE REFERENCE HITS NEW HIGH FOR 2017
COALspot.com: Indonesian coal benchmark price surges 2.13% in October month over month, the latest ministerial decree showed.
The benchmark pr ...
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Showing 1916 to 1920 news of total 6871 |
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- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- The University of Queensland
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
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