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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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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, 12 July 17
COAL HAS CONTINUED A STELLAR RUN OVER THE PAST YEAR GAINING ~10% OVER THE PAST QUARTER AND ~41% OVER THE PAST YEAR - LINOS KOGEVINAS
Having just passed the second quarter of 2017, it is interesting to take a look at the performance of the commodity market and how certain commodit ...
Monday, 10 July 17
A ROLLERCOASTER YEAR FOR COAL PRICES; ICPR ROSE 4.62% M/M
COALspot.com: Indonesian coal benchmark price rose 4.62% in July, government data showed.
The benchmark price of Indonesian thermal c ...
Monday, 10 July 17
THE FREIGHT MARKET WAS SHOWS A NEGATIVE TREND WEEK OVER WEEK
COALspot.com: The Freight market decline this past week compared to the previous week, as BDI and Cape indexes show a negative trend week over week ...
Friday, 07 July 17
SHOULD WE BE AVOIDING GENERAL AVERAGE? - ALEX KEMP
KNOWLEDGE TO ELEVATE
Calls for general average to be abolished are nearly as old as the regime itself. A representative of Lloyd’s atten ...
Friday, 07 July 17
EIA ESTIMATES SHOW U.S WEEKLY COAL PRODUCTION UP 1.7 PERCENT
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.9 million short tonn ...
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Showing 2006 to 2010 news of total 6871 |
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- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- The University of Queensland
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
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