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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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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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Wednesday, 26 July 17
SHIPPIPNG MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
After an admittedly challenging 2016, the Dry Bulk market kicked off this year on a much more positive note, with all indices steadily increasing u ...
Monday, 24 July 17
THE FREIGHT MARKET ROSE THIS PAST WEEK COMPARED TO THE PREVIOUS WEEK
COALspot.com: The Freight market rose this past week compared to the previous week, as BDI and Cape indexes show a positive trend week over week.
...
Friday, 21 July 17
ESTIMATED WEEKLY U.S. COAL PRODUCTION TOTALED APPROXIMATELY 15.3 MMST; UP 13.5% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.3 million short tonn ...
Thursday, 20 July 17
SUPRAMAX: INDO COAL ROUNDS ARE TRADING AROUND MID/HIGH $11K WITH SINGAPORE DELIVERY - FEARNLEYS
Supramax
A positive week again in the Pacific with rates moving upwards.
According to Fearnleys Weekly Dry bulk report, Nopac rounds are pay ...
Wednesday, 19 July 17
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
Referring back to a previous Intermodal insight that was written in the first quarter of 2017, the author at the time had claimed that MR tanker ra ...
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Showing 1996 to 2000 news of total 6871 |
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- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- PTC India Limited - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Planning Commission, India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
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