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Tuesday, 29 May 18
BLOCKCHAIN CAN HAVE A TRANSFORMATIVE EFFECT ON THE SHIPPING INDUSTRY
 KNOWLEDGE TO ELEVATE
Following the launch of a legal briefing on blockchain contracts from UK P&I Club, Claims Executive, Filip Koscielecki explains how the technology can be hugely beneficial for the shipping sector:
“Blockchain is the new buzzword in the shipping industry that is increasingly difficult to get away from. Many within the sector, however, are still wondering what blockchain technology is and how it works.
Blockchain explained
“Blockchain is essentially an online communication protocol allowing users who are interdependent to participate in a transaction, without any one user having more control over the transaction than the other users. All parties to the transaction have access to the same information and no one party can attempt to amend or vary the transaction unilaterally without acquiring the permission of the others.
“The whole process is guarded by sophisticated cryptography and the exact copies of the transaction’s ledger are distributed amongst the participants, making it is virtually impossible for the transaction to be manipulated by an external party.
Blockchain and shipping
“Blockchain could be harnessed in any scenario where multiple parties have to exchange a plethora of information in order to achieve an overarching goal, for example, the shipping of goods.
“For goods to be moved from one continent to another, numerous parties have to reach agreements by entering into contracts which will govern the various steps of this process. Some of these agreements, such as sales contracts, will provide an overarching roadmap for the desired outcome. Other contracts such as charter parties and bills of lading will then have to be entered into to facilitate this performance.
“Blockchain can enable a conversion of the contractual terms and conditions into self-executable computer software which automatically implements and polices the terms and conditions between the parties to the contract. As the technology progresses, the prospects are that natural language contracts might even be done away with completely and be replaced with a contract made entirely of code.
“The potential benefits from using smart contracts in shipping are substantial. Smart contracts can have a transformative effect on the maritime industry, leading to increased accuracy, security and transparency, as well as decreased reliance on intermediaries and savings of time.
“The predicted overall impact of blockchain and smart contracts on trade is significant. The World Economic Forum estimates that 10% of GDP will be stored on blockchain by 2027. . The first contracts to benefit from blockchain technologies are likely to be main underlying agreements like sales or trade contracts, charter parties and bills of lading.
Legal hurdles
“Due to the cross jurisdictional nature of the majority of blockchain contracts, basic contractual concepts such as ‘ownership’ or ‘title to goods’ can put hurdles in the way of their execution. The recognition of blockchain contracts by key jurisdictions will be crucial to securing parties’ rights of enforcement.
“However, electronic means for transmitting and exchanging information have been available for some time. Most jurisdictions therefore, no longer challenge the possibility for contracts to be created electronically.
“As the smart contracts technology is still in its infancy, we are yet to see how legal issues surrounding it will be resolved. Nevertheless, smart contracts will gradually become pervasive in the wider maritime industry. They offer a practical solution to issues which have negatively impacted trade for years. In time, law and regulations will undoubtedly develop to accommodate this impending commercial revolution and the uncertainties surrounding smart contracts will then gradually diminish.”
Source: UK P&I Club
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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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Showing 46 to 50 news of total 6871 |
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- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- The University of Queensland
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Australian Coal Association
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
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