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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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Thursday, 21 June 18
ROBUST ASIAN THERMAL COAL DEMAND CREATES OPPORTUNITIES FOR AUSTRALIA - MINERALS COUNCIL OF AUSTRALIA
Minerals Council of Australia reported, Australia’s world-class coal mining industry can create more jobs in Australia and strengthen t ...
Thursday, 21 June 18
CHINESE REDUCED COAL IMPORT RESTRICTIONS - CAIXIN GLOBAL
Caixin Global reported that the Chinese government has reduced restrictions on coal imports at the nation’s major ports in response to concer ...
Thursday, 21 June 18
INDIAN GOVERNMENT ADMITS COAL SHORTAGE, ASKS DISCOMS TO IMPORT - TIMES OF INDIA
Times of India reported that the power ministry has advised all state governments and private power distribution companies to import coal as Coal I ...
Tuesday, 19 June 18
WCA RESPONDS TO BP STATISTICAL REVIEW OF WORLD ENERGY 2018
Responding to BP’s Statistical Review of World Energy 2018, Benjamin Sporton, Chief Executive of the World Coal Association (WCA) said, &ldqu ...
Wednesday, 13 June 18
U.S. COAL PRODUCTION TO DECLINE BY 2% TO 756 MILLION SHORT TONS MMST IN 2018 - EIA
EIA forecasts U.S. coal production to decline by 2% to 756 million short tons (MMst) in 2018.
According to EIA's Short-Term Ener ...
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- Baramulti Group, Indonesia
- Planning Commission, India
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- The University of Queensland
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
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