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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, 30 May 18
HIGH PRICE, DMO ENCOURAGE COAL MINERS TO BOOST PRODUCTION - THE JAKARTA POST
A number of coal miners are planning to increase production by 10 percent in the second half of this year after a worldwide price increase.
Th ...
Wednesday, 30 May 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
Among several hot topics that will be discussed during the Posidonia week, the International Maritime Organization regulation that will be enforced ...
Tuesday, 29 May 18
INDIA'S COAL IMPORT DECLINES IN APRIL AMID DIVERSION TO THERMAL POWER PLANTS - PTI
India’s coal import fell by 9 percent to 17.32 million tonnes (MT) in April on the back of ample supply of dry fuel from domestic sources.
...
Monday, 28 May 18
COAL SUPPLY DIVERSION IRKS INDUSTRIES DEPENDENT ON CAPTIVE POWER PLANTS - HINDU BUSINESS LINE
The government’s move to prioritise coal supplies to power plants with minimal coal stock has disrupted fuel supply to some sectors, which ha ...
Monday, 28 May 18
KOMIPO ISSUED ANOTHER TENDER FOR 130K MT OF 5700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 130,000 mt of min. 5700 NAR coal of Australian origi ...
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Showing 1711 to 1715 news of total 6871 |
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- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- White Energy Company Limited
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
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