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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, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
Tuesday, 26 April 22
CHINA'S APPETITE FOR BAUXITE HITS NEW RECORD AS Q1 IMPORTS JUMP 15.4% Y/Y - BIMCO
Bauxite shipments arriving in China hit new record levels in the first quarter of 2022 and grew at an average annual rate of 12.8% between 2017 and ...
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- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- VISA Power Limited - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
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