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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- VISA Power Limited - India
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- MS Steel International - UAE
- Romanian Commodities Exchange
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Planning Commission, India
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Commonwealth Bank - Australia
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