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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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Showing 41 to 45 news of total 6871 |
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- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Posco Energy - South Korea
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Planning Commission, India
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
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