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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, 19 October 22
MARKET INSIGHT - INTERMODAL
The LNG market remains extremely tight, and as a result adding further pressure on the vessel charter market, which is already stretched due to the ...
Sunday, 16 October 22
COULD A RETURN TO SHALE EXPLORATION BE PART OF THE SOLUTION TO EUROPE'S GAS SUPPLY PROBLEM? - WOOD MACKENZIE
The European gas market is in turmoil. Russia’s invasion of Ukraine has shaken things up, triggering a complete rethink of European energy st ...
Thursday, 13 October 22
THERMAL COAL PRICES RETREAT AS WINTER SUPPLY FEARS EASE - REUTERS
The prices of key thermal seaborne coal grades are retreating amid signs that supplies will be sufficient to meet winter demand in both Europe and ...
Thursday, 13 October 22
SPOT COAL BIDDING: CHINESE FIRM WANTS REVISED MECHANISM - BUSINESS RECORDER
Chinese company M/s Huaneng Shandong Ruyi (Pakistan) Energy Limited (HSR) has cautioned National Electric Power Regulatory Authority (Nepra) that i ...
Thursday, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
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- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Planning Commission, India
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
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