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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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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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- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Anglo American - United Kingdom
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
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