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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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