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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, 03 November 22
HANDYSIZE VALUES MOVING UP IN OCTOBER, WHILE LNG VALUES SKYROCKET - VESSELSVALUE
Handysize values have increased this month across most ages, following a period of decline. Values for generic 10 year old Handysizes have moved up ...
Thursday, 03 November 22
EUROPEAN GAS SUPPLY SURPLUS, NOVEMBER HBA DOWN TO US$ 308.2 PER TON - ESDM
European gas supply conditions have a major influence in determining fluctuations in the Reference Coal Price (HBA). The November 2022 HBA recorded ...
Wednesday, 02 November 22
MARKET INSIGHT - INTERMODAL
Only five weeks before western sanctions’ full effect, uncertainty over energy has markets and governments on the edge. What was initially th ...
Tuesday, 01 November 22
CHINA COAL TRADE DISRUPTED BY COVID OUTBREAKS AS WINTER LOOMS - REUTERS
China’s strict COVID-19 policy is constraining coal supplies and pushing up prices, industry officials and traders say, just weeks before the ...
Monday, 31 October 22
U.S. COAL-FIRED GENERATION DECLINING AFTER BRIEF RISE LAST YEAR - EIA
We expect 6% less U.S. coal-fired generation in 2022 than in 2021, according to our latest Short-Term Energy Outlook (STEO). Although coal-fired ge ...
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- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
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