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Singapore completes world’s first live paperless cross-border trade

Trade involved ExxonMobil Asia Pacific, Bunkerchain and VLK; Bunkerchain provided digital solution supporting key logistics documentation processes for cross-border liquid chemical trade.

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The Infocomm Media Development Authority (IMDA) on Thursday (30 March) said together with industry players, they successfully executed a live shipment from Singapore to Thailand during Q1 2023. 

This fully paperless, live cross-border trade involved the use of an ETR, that is functionally equivalent to a paper Bill of Lading (BL) using Singapore’s TradeTrust framework.

Pioneered by IMDA, TradeTrust was designed to address the challenges of paper-based cross-border trades, leveraging international standards and frameworks, utilising blockchain-powered technology to enable digitalisation of transferable documents into ETR. IMDA’s TradeTrust framework harmonises the legal recognition of digital documentations between various jurisdictions which has adopted the United Nations Commission on International TradeLaw (UNCITRAL) Model Law on Electronic Transferable Records (MLETR).

The world’s first ETR cross-border trade involved ExxonMobil Asia Pacific Pte. Ltd. as the shipper, Bunkerchain as the TradeTrust-enabled digital platform provider and VLK as the vessel owner who is supported by their Protection & Indemnity (P&I) Club. 

Bunkerchain provided a digital solution that supported the key logistics documentation processes for the cross-border liquid chemical trade involving multiple parties such as a surveyor and custom broker. 

The use of TradeTrust has enabled the digitalisation of the issuance, ownership title transfer and surrender of the ETR as an electronic Bill of Lading (eBL) between the different stakeholders across different systems, that is compliant to the UNCITRAL MLETR requirements.

How the Shipment was Conducted 

  • ExxonMobil Asia Pacific shipped liquid chemicals from Singapore to Thailand. 
  • VLK issued an electronic Bill of Lading (eBL) using Bunkerchain, a TradeTrust-enabled digital platform. 
  • The use of Marine Vessel Pass, a joint project between S&P Global Market Intelligence and Bunkerchain, created a Digital Passports for Ships on the eBL ensured that digital identity used in the signing, was onboarded, and verified by S&P Global Market Intelligence. This was tied to their International Maritime Organization number.
  • The eBL was subsequently surrendered on the TradeTrust Reference Implementation, demonstrating interoperability across different systems without the need to develop inter-system connectivity protocols such as APIs. It also established the interoperability between digital and paper-based processes. 
  • VLK was supported by their Protection and Indemnity (P&I) Club, on the basis that the P&I liabilities arising from the use of a TradeTrust-issued eBL is equivalent to the liabilities that could have arisen under the use of a paper-based Bill of Lading. 
  • The eBL was legally supported solely by statutory law without the use of any contract law or rulebook. This shipment showed that an eBL issued using the TradeTrust framework can be used in a non-MLETR jurisdiction, such as Thailand. 

The introduction of eBLs has enabled greater efficiency by streamlining and automating existing processes. The benefits include shorter waiting times and reduced costs. This pilot builds on cooperation with industry partners like ExxonMobil to encourage the use of ETRs and facilitate cross-border trade. Using the TradeTrust framework, ETRs can be issued, transferred, and surrendered between multiple stakeholders in a trusted manner, across different digital platforms, which is necessary in the context of cross-border trade. 

“Since 2019, Singapore has looked to reshape, reimagine, and redefine the way the world trades. International trade ecosystem is heavily reliant on physical paper documents and signatures for validation,” Mr Loh Sin Yong, Director, TradeTrust, IMDA, said. 

“This live transaction for consignment of liquid chemical from Singapore to Thailand, leverages on the TradeTrust framework to create an eBL that uses UNCITRAL’s MLETR compliant statutory law framework.”

“More importantly, we are excited to have demonstrated that the industry can potentially use eBL even if there was no basis of a contractual legal framework. We believe this will illuminate wider adoption of eBL in cross-border trade.”

“This pilot is part of ExxonMobil’s efforts to increase our supply chain resiliency through digitalisation of business processes. We welcome frameworks like TradeTrust as an important part of our journey towards digitalisation. Such frameworks increase efficiency and cost savings while maintaining high standards and trust, and we hope that this successful trial will lead to increased interest from industry to adopt similar standards,” Mr Low Say Lim, Asia Pacific Liquids Logistics & Distribution Manager, ExxonMobil Asia Pacific, said. 

 

Photo credit: Manifold Times
Published: 4 April, 2023

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Winding up

Singapore: Liquidators arrange creditors meeting for Otto Marine Limited

Meeting will be held from 3pm on 24 July at 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095, according to Government Gazette notice.

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A meeting for creditors of Otto Marine Limited, which is in liquidation, has been scheduled to take place on 24 July, according to a Government Gazette notice on Thursday (11 July). 

The meeting will be held from 3pm at 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095

The agenda of the meeting will be as follows:

  • To update on the liquidation administration;
  • To approve the Liquidators’ fees and disbursements;
  • To approve the declaration of preferential dividend(s) pursuant to Section
  • 328(1)(b) to 328(1)(f) of the Companies Act, Cap. 50;
  • To consider and if thought fit, to appoint a committee of inspection; and
  • Any other business.

The details of the liquidators are as follows: 

Chee Yoh Chuang
Lin Yueh Hung
Liquidators
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095

 

Photo credit: steve pb from Pixabay
Published: 12 July, 2024

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LNG Bunkering

Titan completes first STS LNG bunkering operation in Cuxhaven

Port of Cuxhaven in Germany had previously only seen LNG operations conducted via truck and currently only permits LNG bunkering at one berth, says Titan.

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Titan completes first STS LNG bunkering operation in Cuxhaven

LNG bunker fuel supplier Titan on Thursday (11 July) said it completed the first-ever LNG bunkering operation by ship in the port of Cuxhaven.

Titan’s bunker vessel Optimus successfully delivered LNG to dredger Vox Ariane operated by its long-term client Van Oord. 

“Our ship-to-ship bunkering in Cuxhaven represents a pioneering step in the region's LNG infrastructure development, as the port had previously only seen LNG operations conducted via truck and currently only permits LNG bunkering at one berth,” it said in a social media post. 

“LNG infrastructure development is part of a broader trend, with more ports across Germany adopting LNG operations to support shipping’s clean fuels transition.”

Titan added the improved LNG bunkering capabilities in Cuxhaven, a Niedersachsen Ports GmbH & Co. KG port, also opened up the pathway to maritime decarbonisation via liquified biomethane (LBM) and then renewable e-methane going forward.

 

Photo credit: Titan
Published: 12 July, 2024

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LNG Bunkering

UECC “Auto Achieve” receives first LNG bunker fuel delivery by barge in home country

Firm said it received the first ever supply of LNG by barge to their multi-fuel LNG battery hybrid car carrier in the Port of Drammen, Norway.

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UECC “Auto Achieve” receives first LNG bunker fuel delivery by barge in home country

Norwegian roll-on/roll-off shipping line United European Car Carriers (UECC) on Wednesday (10 July) said it received the first ever supply of LNG by barge to their multi-fuel LNG battery hybrid car carrier Auto Achieve in the Port of Drammen on 4 July.

The firm said this was the first time UECC received LNG by barge to any of their vessels in their home country Norway. 

“We also believe that it was the first time LNG was delivered by barge to any vessel in Drammen, and most likely the entire Oslofjord,” UECC said in a social media post.

The LNG was supplied by the Molgas Energy Holding vessel Pioneer Knutsen, owned by Knutsen Group OAS.

“UECC is very pleased to see the expansion of the LNG barge network in Norway,” it said. 

 

Photo credit: UECC
Published: 12 July, 2024

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