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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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Monday, 07 May 18
SOUTH KOREA STATE-OWNED UTILITY KOREA MIDLAND POWER ISSUED A TENDER FOR 1 MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 mt of min. 5700 NAR coal of Australian origi ...
Monday, 07 May 18
GLOBAL COAL DEMAND ROSE ABOUT 1% IN 2017; ASIA ACCOUNTED FOR THE LARGEST INCREASE IN COAL DEMAND, UP 35 MTOE RELATIVE TO 2016 - IEA
Global coal demand rose about 1% in 2017, reversing the declining trend seen over the last two years. This growth was mainly due to demand in Asia, ...
Friday, 04 May 18
ELECTRICITY GENERATION FROM RENEWABLES WAS SECOND ONLY TO COAL IN 2017 - IEA
World electricity demand increased by 3.1 %, significantly higher than the overall increase in energy demand. Together, China and India accounted f ...
Thursday, 03 May 18
SUPRAMAX: INDO - CHINA COAL ROUNDS ARE PAYING IN THE LOW-MID $12000 BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
As expected a slow and uneventful start to the week with holidays in many countries, however by mid-week some fresh requirements and pos ...
Tuesday, 01 May 18
SUPRAMAX: COAL RUNS, A 61,000-DWT WAS FIXED BASIS DELIVERY SURABAYA, FOR A TRIP VIA INDONESIA, RE-DELIVERY INDIA AT $15,000 - BALTIC BRIEFING
Capesize
Rates eased in the East, as the week closed out with the momentum slowing. Levels on the key West Australia/China run dropped to $7.25 ...
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Showing 1726 to 1730 news of total 6871 |
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- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Deloitte Consulting - India
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
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