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Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risks Clause for Voyage Chartering 2013 (VOYWAR 2013) clauses has begun, and the subcommittee has just had its third meeting.
BIMCO has established a subcommittee to review the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risks Clause for Voyage Chartering 2013 (VOYWAR 2013). Generally, charter parties contain war clauses which are also known as “War Risk Clauses” and from time to time also the war cancellation clause is included. It is important that these clauses reflect the nature of modern conflicts, and the subcommittee has started discussing this topic and whether amendments are needed to update the clauses.
At its first meeting, the subcommittee discussed the scope and objectives of the project. The general experience is that the clauses are applied unamended and that they work well since the last revision of the clause. During the last revision of CONWARTIME 2013 and VOYWAR 2013, changes in case law in particular the “Triton Lark”, the development in trading practices and the experience on demands for specialist cover brought a need to adjust the definitions of the clause. Now, about 10 years later since the last revision, and as the geopolitical landscape does not stay status quo, the subcommittee will consider whether a revision of the current wording would be relevant and beneficial to the industry. Furthermore, the subcommittee will focus on ensuring that the clauses remain commercially workable and fit today’s needs of the industry. At the following meeting, the subcommittee discussed the war risk insurance aspects, both in terms of cover and the responsible party to pay the premium.
Members of the subcommittee are Natalya Skjelmose (Norden), Anders G. Hovelsrud (DNK), Dirk Janssen (Nordisk), Dorte Nielsen (Centurion Bank), Henning Babiel (ADM), Neil Roberts (Joint War Committee), Nicola Cox (West), Richard Neylon (HFW), Richard Young (Beazley).
Source: BIMCO
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
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