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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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Monday, 19 September 22
BUMA AUSTRALIA AWARDED A$400 MILLION CONTRACT EXTENSION BY BMA FOR GOONYELLA PROJECT
Press Release – PT Delta Dunia Makmur Tbk. (the "Company") announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA ...
Saturday, 17 September 22
CHINA WARNS COAL COMPANIES AGAINST DUAL CONTRACTS, KEEP PRICES STABLE - REUTERS
China’s state economic planner warned coal companies operating at ports in the Bohai Bay region to comply with their long-term contracts to k ...
Saturday, 17 September 22
IS A GLOBAL RECESSION IMMINENT? - WORLD BANK
Since the beginning of the year, a rapid deterioration of growth prospects coupled with rising inflation and tightening financing conditions, has i ...
Saturday, 17 September 22
FITCH RATINGS REVISES GLOBAL METALS & MINING PRICE ASSUMPTIONS
Fitch Ratings has revised its metals and mining price assumptions reflecting evolving economic growth expectations and demand and supply dynamics.
...
Friday, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
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- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Planning Commission, India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- PTC India Limited - India
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- The University of Queensland
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
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