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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, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
Friday, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
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- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Australian Coal Association
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
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