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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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Sunday, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
Saturday, 25 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - 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, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
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- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- CNBM International Corporation - China
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Australian Coal Association
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
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