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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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Wednesday, 13 June 18
SHIPPING MARKET INSIGHT - SOPHIE COTZIAS
2018 marks quite a few milestones for Greek Shipping. No need to detail again the greatness of Greek Shipping or the singular position that Greek s ...
Monday, 11 June 18
AUSTRALIAN COAL PRICES HIT 6-YEAR HIGH AS ASIA DEMAND SPIKES - REUTERS
Australian thermal coal prices have risen to their highest level since 2012 as hot weather across North Asia spurs buying ahead of the peak summer ...
Monday, 11 June 18
ANALYSING A NEW AGE OF AUTONOMOUS VESSELS - IMO
The International Maritime Organization answers the questions of Government Europa on how the next generation of autonomous vessels can be regulate ...
Friday, 08 June 18
AUSTRALIAN THERMAL COAL PRICES SURGE AS ASIA DEMAND HEATS UP - REUTERS
Australian thermal coal prices have hit their highest level since late 2016 as the market heats up on strong demand across North Asia and China in ...
Wednesday, 06 June 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
As observed last month the price of oil hit its highest level since November 2014 reaching $80 per barrel. Global oil demand growth for 2018 was sl ...
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- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
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