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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, 12 March 18
DRY BULK MARKET: CAPESIZE MARKET FINDS ITS FOOTING - BALTIC BRIEFING
Capesize
Some relief for owners as the week closed out with the market finding a floor in the East. Rates on the key West Australia/China run loo ...
Monday, 12 March 18
COAL OUTPUT FROM PRIVATE MINERS UNLIKELY TO RISE IN MEDIUM TERM: ICRA
Coal output levels from private commercial miners are unlikely to go up considerably in the medium to short term, given the issues related to land ...
Saturday, 10 March 18
ENHANCED PRODUCTION BY COAL INDIA HELPS DECLINE IN COAL IMPORTS
As per the current import policy, coal is kept under Open General License (OGL) and consumers are free to import coal from the source of their choi ...
Saturday, 10 March 18
THE 'RENOS' - COURT OF APPEAL CLARIFIES CTL CALCULATION AND RIGHT OF ABANDONMENT - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the matter of the “RENOS”, Mr Justice Knowles addressed a number of issues, at first instance, regarding t ...
Friday, 09 March 18
THE WORLD CANNOT KEEP IGNORING THE ASIAN COAL STORY - BENJAMIN SPORTON
There were significant changes in the global energy system in 2017, including the growth in electric vehicles, the rise of renewables and the conti ...
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Showing 1776 to 1780 news of total 6871 |
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- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Aditya Birla Group - India
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Parliament of New Zealand
- Bhatia International Limited - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Minerals Council of Australia
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
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