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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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Saturday, 25 March 23
COAL INDIA HAS STRONG CASE TO INCREASE PRICES, TALKS ON: CMD AGRAWAL - BUSINESS STANDARD
Coal India (CIL) Chairman and Managing Director Pramod Agrawal said on Monday there is a “strong case” for increasing coal prices, and ...
Saturday, 25 March 23
ASIAN CRUDE PALM OIL WATCH 1Q23 - FITCH RATINGS
Malaysian benchmark crude palm oil (CPO) spot prices have averaged around USD915 per tonne (t) so far in 1Q23, sharply lower than the average of ar ...
Saturday, 25 March 23
INDONESIA’S COAL EXPORT INCREASED BY 21.0% YOY TO 388.4 MLN T IN 2022 - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels. In the f ...
Saturday, 25 March 23
GLOBAL LNG-ASIA SPOT PRICES SLIP AS WEAK NORTHERN DEMAND REMAINS - REUTERS
Asian spot prices of liquefied natural gas (LNG) declined this week, falling to a 21-month low, as weak demand in the northeast Asia region continu ...
Wednesday, 22 March 23
OIL PRICE FALL SPECULATIVE, TO HIT $140 BY YEAR-END -ANDURAND: REUTERS
The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierr ...
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- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Australian Coal Association
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
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