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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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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, 06 July 17
SUPRAMAX: INDO TO INDIA TRIPS WITH DELIVERY THAILAND RANGE IS GIVING OWNERS AROUND MID $8000 - FEARNLEYS
Supramax
Another slow start to the week with somewhat softening rates and few fixtures.
According to Fearnleys Weekly Dry bulk report, the N ...
Thursday, 06 July 17
UNEXPECTED MOVE FROM CHINA BOOSTS COAL PRICES - OIL PRICE
Coal prices have been cooling the last few months — after a spectacular run last year. But news late last week suggests the market is about t ...
Wednesday, 05 July 17
COAL PRICES ROSE IN CHINA, JAPAN AND EUROPE IN 2016 - BP
COALspot.com: Coal prices rose in China, Japan and Europe in 2016 after four years of price declines.
According to bp, the rise in coal prices ...
Wednesday, 05 July 17
TANKER MARKET INSIGHT - KATERINA RESTIS
A war of words blasted last month as the UAE, S. Arabia, Egypt and Bahrain revealed that they are experiencing severe diplomatic issues with the st ...
Wednesday, 05 July 17
TROUBLE SEEMS TO BE LOOMING ONCE MORE IN THE STEEL INDUSTRY - GEORGE LAZARIDIS
Trouble seems to be looming once more in the steel industry as US President Trump puts forth his plans for specialist protectionist measures for th ...
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Showing 2011 to 2015 news of total 6871 |
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- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
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