We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Tuesday, 22 August 17
WHAT IS A RELEASE CALL?
 KNOWLEDGE TO ELEVATE
Joining a mutual P&I Club means each Member shares in the fortunes of that Club and its membership. The continuity of Club membership, which is typical within the mutual P&I environment, permits longer term investment and planning to be undertaken.
Estimating premiums doesn’t work as well in a commercial context because profits, arising from the underwriting performance, must be determined each year and consolidated with the insurers overall results and consequential dividends paid to shareholders. The commercial insurance environment is sometimes accused of lacking a sense of camaraderie within its named assureds. In contrast, a Member of a mutual P&I Club has a common interest in his fellow membership as they may be required to contribute to the claims of others despite possibly having made no claim themselves, or to come to the aid of fellow ship owners in the event of a catastrophe (overspill) claim.
Whilst these original principles of mutual membership are preserved, reinsurance programmes and the building up of reserves to meet outstanding liabilities generally means mutual P&I Clubs are adequately funded to meet the cost of claims without turning to their membership, as a whole, to contribute through an additional premium call.
Introducing release call
Despite the general continuity of membership there may be occasions when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal. The way in which each P&I Club handles this situation can differ depending on the Club’s calling structure. This highlights one of the important distinctions between commercial insurance and the mutual approach – the introduction of release calls.
Those Clubs that apply release calls describe them as a means of protecting the wider Club membership against the risk that, after a Member leaves, the policy year may deteriorate, exceeding the budgeted supplementary call amount and provoking an unbudgeted supplementary call to be made to the remaining Mutual members. The most common form of release call is a percentage amount that is loaded on top of the estimated supplementary call. For example, a Club may apply a release call of 10% whereas the supplementary call is set at 20% of the advance call. Consequently, upon leaving the Member would be required to pay a release call to the open policy year, of 30% of the advance call. The amount can vary depending on the status of each open year to the Club. Should premiums be collected in the format of an Estimated Total Call (ETC) the calculation of a release call may differ as the ETC technically includes the estimated supplementary call within its structure.
Release call percentages are reviewed regularly and generally reduce over time as the outcome of the open policy year becomes easier to determine.
It is important to stress that each Club adopts their own policy when it comes to release calls and in most situations, it remains possible to defer the payment of a release call by the placing of a bank guarantee from a first-class bank which would respond in the event that a supplementary call is levied for policy years in which the Member was entered.
Source: The Shipowners’ Club
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 08 September 17
MIXED SIGNALS ON REFINERY PREPARATIONS FOR 2020 FUEL CHANGES - IBIA
A recent consultancy survey has suggested that some 85% of refiners have not made plans for how to deal with the expected dramatic fall in g ...
Thursday, 07 September 17
CAPESIZE: EARNINGS FOR THE BIG SHIPS KEEP UP NICELY AS DIPS ARE MODERATE AND SHORT-LIVED - FEARNLEYS
Supramax
Fewer activities in the Atlantic in start of the week with the US holidays. Owners were asking around low USD 20k for trip ex USG to Far ...
Thursday, 07 September 17
TALK OF CONSTRAINTS ON CHINESE COAL OUTPUT PUSHED PRICES HIGHER - DANIEL HYNES
Commodity markets were largely higher as a weaker USD boosted investor appetite.
According to Daniel Hynes, Senior Commodity Strategist at ANZ ...
Wednesday, 06 September 17
LAYTIME - CHARTERERS' RIGHTS & PORT COSTS - NORTH P&I CLUB
KNOWLEDGE TO ELEVATE
In a recent London Arbitration decision (18/17) the Tribunal had to consider whether the owners were entitled to recover ...
Wednesday, 06 September 17
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
The impact of Hurricane Harvey, which made landfall on 25th of August in South East coastline of Texas area has been the major concern of the shipp ...
|
|
|
Showing 1951 to 1955 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- The University of Queensland
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- VISA Power Limited - India
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
|
| |
| |
|
