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