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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, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
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- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- VISA Power Limited - India
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Planning Commission, India
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