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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Economic Council, Georgia
- Marubeni Corporation - India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- White Energy Company Limited
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
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