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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, 24 May 18
SUPRAS FIXING AROUND USD 15000 FOR INDO TO CHINA COAL TRIPS - FEARNLEYS
Capesize
Both the physical and the paper market have dropped sharply the last couple of days on the back of a lack of fresh cargoes and a growing ...
Thursday, 24 May 18
FITCH: FALLING COAL INVESTMENT TO SUPPORT ASIAN PRICES
Press Release: The long-term outlook for the Asian thermal coal prices is improving, amid rising regional demand and falling mining investment, whi ...
Thursday, 24 May 18
BEIJING ORDERS UTILITIES, MINERS TO HELP COOL RED-HOT COAL MARKET: SOURCES - REUTERS
China’s state planner ordered utilities this week to stop stockpiling thermal coal and told miners to slash prices, two sources familiar with ...
Wednesday, 23 May 18
TANKER MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last six months we have seen more than 110 reported tanker transactions involving tonnage larger than 32k dwt and younger than 18 years old. ...
Friday, 18 May 18
AFTER COAL, INDONESIAN GOVERNMENT PUSHES DMO ON GAS FOR ELECTRICITY
After introducing its domestic market obligation (DMO) policy for coal on March 12, the government is going forward with its plan to introduce a DM ...
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Showing 1716 to 1720 news of total 6871 |
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- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Planning Commission, India
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
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