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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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Saturday, 06 August 22
SUMITOMO Q1 PROFIT RISES 45% ON STRONGER PRICES OF COAL, NICKEL - REUTERS
Japanese trading house Sumitomo Corp 8053.T said on Wednesday its net profit for the April-June quarter rose 45% to a record thanks to higher price ...
Saturday, 06 August 22
GERMANY'S ENERGY U-TURN: COAL INSTEAD OF GAS - DEUTSCHE WELLE
Berlin has realized it will never again import as much energy from Russia as before the Ukraine war. So the challenge is to wean Germany off its de ...
Saturday, 30 July 22
NUANCES OF FORCE MAJEURE CLAUSE - BALTIC EXCHANGE
Knowledge to Elevate
In NKD Maritime Limited v. Bart Maritime (No 2) Inc (Shagang Giant) [2022] EWHC 1615 (Comm), Bart Maritime (No 2) Inc (th ...
Saturday, 30 July 22
AEMO URGES QUICKER SHIFT TO RENEWABLES AMID COAL FAILURES AND SOARING FOSSIL FUEL COSTS
The Australian Energy Market Operator has called for an accelerated shift to wind and solar, backed up by batteries and other storage, as a devasta ...
Friday, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
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- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- MS Steel International - UAE
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
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