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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, 05 April 18
INDONESIA TO POSTPONE NEW COAL, PALM OIL SHIPPING RULES TO 2020 - REUTERS
Indonesia will delay until 2020 trade rules requiring exporters of coal and crude palm oil to use only Indonesian-flagged vessels, government offic ...
Tuesday, 03 April 18
MARKET ANALYSIS - GEORGE LAZARIDIS
In the midst of a relatively quiet week for markets, with disruptions being caused by the Christian holidays, it seems as though we find ourselves ...
Monday, 02 April 18
THE FREIGHT RATES ARE EXPECTED TO BE FLAT TO SOFT, SAYS VISTAAR
The freight market softening to continue. Thursday, March 29, 2018, the Baltic Dry Index decreased by 42 points, reaching 1080 points.
T ...
Monday, 02 April 18
THIESS TO DELIVER $150M SENAKIN CONTRACT EXTENSION
Thiess has secured a $150 million contract extension to provide mine services at Arutmin’s Senakin coal mine in South Kalimantan, Indonesia.
...
Monday, 02 April 18
THIESS SECURES $240M SATUI EXTENSION
The successful implementation of an innovative mining plan by Thiess at the Satui coal mine in South Kalimantan, has resulted in a $240 million con ...
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- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- PTC India Limited - India
- Australian Coal Association
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Minerals Council of Australia
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- White Energy Company Limited
- Eastern Coal Council - USA
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