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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, 05 June 18
SOUTH KOREA'S SULPHUR CAP ALTERS ASIAN COAL MARKET DYNAMICS: RUSSELL
South Korea’s imposition of a strict sulphur cap on its imported coal is likely to cause ripples across Asia’s markets for the pollutin ...
Tuesday, 05 June 18
THINGS STILL LOOK TO BE PROMISING FOR THE DRY BULK MARKET OVER THE NEXT COUPLE OF MONTHS - GEORGE LAZARIDIS
Just as we thought the world was calming back down to reason, worries and frictions regarding global trade resurfaced this past week after a series ...
Tuesday, 05 June 18
INDONESIAN COAL PRICE REFERENCE IS GOING UP AGAIN
COALspot.com: According to latest ministerial decree No. 1857 K/30/MEM/2018 dated 4 June 2018, the Indonesian Coal Price Reference (HBA) up 7.91 pe ...
Saturday, 02 June 18
HOW CARBON UTILISATION WILL BE A KEY STEP IN INDIA'S CLIMATE STRATEGY - BENJAMIN SPORTON
For India, energy remains the key driver of growth, not only from an economic perspective but more importantly for accelerating social development. ...
Thursday, 31 May 18
SUPRAMAX: INDO/CHINA COAL RV IS GETTING FIXED AROUND $13K DELIVERY SINGAPORE - FEARNLEYS
Capesize
The Cape market has been on a downward trend for the past week.
According to Fearnleys, Oslo based broker, Brazil market ...
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Showing 1706 to 1710 news of total 6871 |
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- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- MS Steel International - UAE
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Australian Coal Association
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
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