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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, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- The Treasury - Australian Government
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
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