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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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Wednesday, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- The University of Queensland
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Australian Coal Association
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
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