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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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Friday, 02 September 22
ABM INVESTAMA BUYS 30% GEMS SHARES FOR US$ 420 MILLION
PT ABM Investama Tbk through its indirect subsidiary, bought a 30% stake in the PT Golden Energy Mines Tbk for US$ 420 million or around Rp 6.2 tri ...
Wednesday, 31 August 22
MARKET INSIGHT - INTERMODAL
Scorching temperatures and extremely dry conditions during the Northern hemisphere summer have been drying crops. Yield prospects have subsided in ...
Tuesday, 23 August 22
HIGH COAL PRICES COULD BOOST INDONESIA'S ENERGY TRANSITION - IEEFA
Global coal prices have reached an all-time high as countries stop purchasing Russian coal amidst the Russia-Ukraine conflict. Indonesian coal comp ...
Tuesday, 23 August 22
A COMBINED US$6.8-BILLION CASH BALANCE OF INDONESIAN COAL COMPANIES COULD PROVIDE FOR TIMELY INVESTMENTS IN GREEN TRANSITION - IEEFA
A combined US$6.8-billion cash balance of Indonesian coal companies could provide for timely investments in green transition
The opp ...
Tuesday, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
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- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Planning Commission, India
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- ICICI Bank Limited - India
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- The University of Queensland
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
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