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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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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
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Thursday, 24 August 17
SUPRAMAX: LOW $10K FOR INDO COAL TRIPS TO INDIA; AROUND $10K FOR INDO TO CHINA TRIPS - FEARNLEYS
Supramax
This week Supras from the Black Sea on fhaul have seen numerous orders and improving rates.
53-57k dwt vessels have been fixed at e ...
Wednesday, 23 August 17
THE STRONG IRON ORE TRADE ROUTES SUPPORT CAPESIZE SEGMENT - INTERMODAL
The upward trend in the Capesize segment is definitely being supported by the strong momentum in the key iron ore trade routes. The price of high-q ...
Tuesday, 22 August 17
THOSE DOG DAYS OF SUMMER STEEL PRODUCTION IN CHINA - COMMODORE
COALspot.com: One popular but inaccurate narrative that makes the rounds every June and July (and occurred again this year) is that China’s s ...
Monday, 21 August 17
BANPU REVEALS FIRST HALF 2017 WITH STRONG RESULTS; SUPPORTED BY HIGHER COAL PRICES
Banpu Reveals First Half 2017 with Strong Results from Higher Coal Prices Gearing Up to the Era of New Energy with Banpu Greener & Smarter Stra ...
Monday, 21 August 17
INDIA'S COAL IMPORTS DECLINE TO 192 MT IN FY17 - PTI
Import of coal saw a decline of 6.37 per cent to 191.95 million tonnes (MT) in 2016-17 on higher production by CIL that saw the country move to a r ...
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Showing 1961 to 1965 news of total 6871 |
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- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Planning Commission, India
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- London Commodity Brokers - England
- Australian Coal Association
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- PTC India Limited - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
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