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