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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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Friday, 30 March 18
SHIPPING INDUSTRY CONFIDENCE HITS FOUR-YEAR HIGH - MOORE STEPHENS
Shipping Confidence Survey
In February 2018, the average confidence level expressed by respondents was up from 6.2 in November 2017 t ...
Friday, 30 March 18
EXPLAINING POLAND'S COAL PARADOX - FORBES
In the U.S. coal is succumbing to market forces despite the Trump Administration’s push to support the industry. Abundant, cheap and cleaner ...
Friday, 30 March 18
THIESS SECURES $140M MT OWEN INCREASE
Thiess has secured a A$140 million increase to its contract with Glencore for coal mining services at Mt Owen in the Hunter Valley, Australia. Mt O ...
Wednesday, 28 March 18
THIESS WINS $280M WAHANA EXTENSION
Thiess has been awarded a three-year $280 million contract extension at the Wahana coal mine in South Kalimantan, Indonesia.
According to Thie ...
Wednesday, 28 March 18
RIO TINTO TO SELL KESTREL MINE FOR $2.25 BILLION - REUTERS
Rio Tinto sold its remaining coal asset Kestrel in Australia to private equity manager EMR Capital and Indonesia’s Adaro Energy Tbk for $2.25 ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Minerals Council of Australia
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- PTC India Limited - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
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