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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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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
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 ...
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- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- White Energy Company Limited
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- The University of Queensland
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
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