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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, 22 December 22
RUSSIAN OIL EXPORTS CRATER BY 54% IN THE FIRST FULL WEEK OF THE EU'S EMBARGO AMID A SHORTAGE OF TANKERS WILLING TO CARRY CARGOES - BUSINESS INSIDER
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bl ...
Thursday, 22 December 22
CHINA TIGHTENS VERIFICATION OF SHIPS’ ENERGY CONSUMPTION DATA - GARD
From 22 December 2022, ships trading to Chinese ports must record their energy consumption data in accordance with the requirements of their Ship E ...
Thursday, 22 December 22
AN OVERVIEW OF THE LNG MARKET - VESSELSVALUE
LNG values have continued to strengthen, spurred by skyrocketing earnings that have surpassed last year’s record breaking peaks. In November, ...
Thursday, 22 December 22
COKING COAL SLUMPS AS TALKS ON AUSTRALIA-CHINA TRADE RIFT LOOM - REUTERS
Chinese coking coal futures dropped more than 3 per cent on Tuesday (Dec 20), extending losses, as supply of the steelmaking input might increase i ...
Thursday, 22 December 22
COAL AND GAS PRICE CAPS MAY COMPOUND POLITICAL RISK FOR AUSTRALIAN CORPORATES - FITCH RATINGS
Australia’s introduction of temporary price caps on domestic sales of gas and coal used for electricity generation will probably have limited ...
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- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
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