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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, 30 June 22
WHY ARE LNG SHIPPING STOCKS RESILIENT? - DREWRY
LNG shipping stocks are proving resilient despite uncertainties about growth in global GDP, high inflation and the ongoing geopolitical crisis caus ...
Thursday, 30 June 22
SPOT AUSTRALIAN THERMAL COAL HAS SURGED, BUT CONTRACT PRICE IS KEY - REUTERS
The spot price of Australian thermal coal is higher than that of coking coal, an unprecedented situation that highlights just how the global market ...
Thursday, 30 June 22
SHANXI PROVINCE RAISES ANNUAL COAL OUTPUT TO 1.3 BILLION TONS TO ENSURE CHINA’S ENERGY SUPPLY - GLOBAL TIMES
North China’s Shanxi Province, a major coal-producing region, recently announced a move to increase its annual coal production output by 107 ...
Thursday, 30 June 22
DIVERGENCE BETWEEN HIGH- AND LOW-GRADE THERMAL COAL PRICES IN APAC TO NARROW - FITCH RATINGS
Prices between high- and low-grade thermal coal in Asia-Pacific (APAC) have diverged since late March 2022, but Fitch Ratings expects the gap to na ...
Thursday, 30 June 22
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
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- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
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