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Tuesday, 05 December 17
DOES BITCOIN HAVE A FUTURE IN SHIPPING? - ALIBRA SHIPPING
 Google now receives more search requests for Bitcoin than for Kim Kardashian, Beyoncé and Taylor Swift combined. This week, a shipping company announced that it is working on a deal that will be paid in Bitcoin, which is believed to be an industry first. But does Bitcoin have a future in shipping?
Firstly, what is Bitcoin? It is digital and seen as an alternative currency. Unlike the notes or coins, it largely exists online and is not printed by governments or traditional banks.
A small but growing number of international businesses, including Expedia and Microsoft, accept Bitcoins, which work like virtual tokens. Bitcoin has been likened more to a commodity than a currency, with people choosing to invest and trade in it.
The protocols behind Bitcoin limit its circulation to a maximum of 21 million. The vast majority of users now buy and sell Bitcoins as a financial investment; however, they can be exchanged for other currencies and, increasingly, products and services.
In October, a Notting Hill mansion went on sale for £17 million to be paid in Bitcoin, in what is believed to be a first for London.
“We would like to be the first company to transact in Bitcoin. It can be done quicker, more efficiently and it is much easier to deal with than using banks, which are putting in unnecessary over-regulation,” said Lev Loginov, founder of property investment company London Wall, which is selling the Notting Hill house.
However, on Wednesday, a Bank of England deputy governor warned “investors should do their homework” on Bitcoin. The cryptocurrency is now around $7,500, down from the record $11,434 (£8,500) it hit on Wednesday.
Neil Wilson, a financial analyst at ETX capital in London, called this week’s trading “a rollercoaster like nothing I’ve ever seen”. He said part of the volatility was due to small investors “with no market experience” buying and selling the coin.
“There is no way to discern what fair value is – it’s so incredibly speculative and it is so new and not properly understood,” he said.
This week, Bloomberg reported that Ukrainian bulker company Varamar is in negotiations over its first deal with a client in Bitcoin. The cryptocurrency will make it easier to do business with customers in countries affected by sanctions, and means less paperwork than traditional bank deals, Varamar said.
Russian shipbroker Interchart is also reportedly working on a Bitcoin payment system for customers who aren’t able to easily transact in dollars due to bank restrictions.
So does Bitcoin have a future in shipping? For the purposes of circumventing banking restrictions, we would suppose so. But Bitcoin is an immature market that is still finding its feet and is still subject to exploitation.
Earlier this week, Jeffrey Currie, global head of commodities research at Goldman Sachs, told Bloomberg TV that two key issues need to be resolved if the Bitcoin market is to behave like the gold market.
Firstly, Bitcoin remains difficult to value – look at the price volatility. Secondly, just as gold needs to be vaulted securely, so too does Bitcoin. Cryptocurrencies are currently vulnerable to hacking through online wallets or the user’s computer or smartphone, are subject to regulatory risk, and network and infrastructure risk during a crisis. Currie said if/when these issues are resolved then investors can begin to think of Bitcoin as a more conventional commodity market.
Looking to the future, Currie said that innovation does not lie within Bitcoin itself but within blockchain – which we think will definitely play an increasingly important role within shipping. Indeed, a number of companies have already been experimenting with the technology.
The first blockchain was conceptualised in 2008 and subsequently implemented in 2009 as a core component of Bitcoin, where blockchain serves as the public ledger for all transactions.
A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. Blockchains are designed to be inherently resistant to modification of the data and are therefore secure to tampering.
In June, Maersk and IBM announced their partnership that will use blockchain technology to help transform the global supply chain. Subsequently, IBM signed a Memorandum of Understanding with Pacific International Lines and port group PSA International to expand the blockchain trade project.
Just this week, Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) announced that it has partnered with blockchain company Waves to create a distributed ledger technology platform for processing and handling shipping document submissions.
We are watching the developments in the Bitcoin market with interest – we’ve seen people make a quick buck – but blockchain is the key to the future of shipping.
Source: Alibra Shipping
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Wednesday, 29 November 17
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
In line with most expectations for the end of this month, during the past days the Dry Bulk market realized a significant rebound that sent the BDI ...
Tuesday, 28 November 17
THE DRY BULK MARKET HAS SHOWN A REMARKABLE RECOVERY THIS YEAR - GEORGE LAZARIDIS
The Dry Bulk market has shown a remarkable recovery this year with the average earnings having increased by around 63% this year so far compared to ...
Friday, 24 November 17
U.S. PRODUCED 14.9 MMST FOR THE WEEK ENDING NOV 18; UP 0.9% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 23 November 17
PANAMAX: ANOTHER SLOW AND UNEVENTFUL WEEK; DECREASING FREIGHT RATES IN BOTH HEMISPHERES - FEARNLEYS
Supramax
A quiet start to the week. USG closed last week a bit tighter, and continued into the new week on a positive tone with little concluded, ...
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 ...
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Showing 1866 to 1870 news of total 6871 |
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- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Planning Commission, India
- GMR Energy Limited - India
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- The University of Queensland
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