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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, 26 June 18
"ALWAYS ACCESSIBLE": ARRIVAL, DEPARTURE OR BOTH? - INCE & CO
KNOWLEDGE TO ELEVATE
An “always accessible” berth warranty is often used by an owner to transfer the risk of delays in berthing to ...
Tuesday, 26 June 18
A SHARP RISE IN THE PRICE OF CRUDE OIL WAS TO BE SEEN ON FRIDAY, ITS BIGGEST DAILY GAIN IN TWO YEARS - GEORGE LAZARIDIS
A sharp rise in the price of crude oil was to be seen on Friday, its biggest daily gain in two years, as OPEC reached a deal to raise output. Despi ...
Monday, 25 June 18
AUSTRALIA'S NEWCASTLE PORT SHIPPED 12.179 MT OF COAL IN MAY; DOWN 14.77% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,453.6 Mi ...
Monday, 25 June 18
COAL IN THE CROSSFIRE: CHINESE TRADERS WARY OF BEING BURNT BY TRADE WAR - REUTERS
At least three U.S. coal shipments on their way to China may end up casualties of the escalating trade dispute after Beijing said it would impose s ...
Saturday, 23 June 18
COAL GROUP TARGETS 9 PER CENT REVENUE SPIKE - VIET NAM NEWS
Viet Nam News reported, the Viet Nam National Coal and Mineral Industries Group (Vinacomin or TKV) is targeting VNĐ116.9 trillion (US$5.1 billion) ...
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Showing 1691 to 1695 news of total 6871 |
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- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
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