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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, 25 April 18
TANKER MARKET INSIGHT - THEODOROS NTALAKOS
We had the opportunity to be part of Intertanko's Hellenic Mediterranean Panel last week in the SNFCC and to present an outlook on the tanker f ...
Tuesday, 24 April 18
IMPORTING INDONESIAN COAL MAKES SENSE FOR INDIAN COASTAL PLANTS EVEN WHEN IT IS COSTLIER THAN INDIAN - ECONOMIC TIMES
Rising Indonesian coal production and lower Chinese demand have pulled down Indonesian coal prices by 22% over the last 45 days, a trend that augur ...
Tuesday, 24 April 18
IMO AIMS TO HALVE GLOBAL SHIPPING EMISSIONS - BUT WHAT WILL IT COST? - WOOD MACKENZIE
Global bunker fuel costs could rise by up to US$60 billion annually from 2020, in a full compliance scenario, when the International Maritim ...
Tuesday, 24 April 18
TWO 56K-DWT OPEN HONG KONG AND SINGAPORE WERE FIXED FOR INDONESIA COAL TRIPS TO CHINA, AT $9,500 AND $11,000 RESPECTIVELY - BALTIC BRIEFING
Capesize
This week has seen the Cape 5 timecharter weighted average almost double. Similarly, the Brazil to China ore rates climbed over $4.50, f ...
Wednesday, 18 April 18
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
The return of traders and charterers from the Easter festivities came along with a slight increase in activity across the edible oil markets. Howev ...
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Showing 1736 to 1740 news of total 6871 |
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- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Indian Energy Exchange, India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
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