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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Minerals Council of Australia
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Planning Commission, India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
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