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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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Wednesday, 09 February 22
OIL PRICES: "IT'S GOING TO BE VERY EASY" TO GET TO $100/BARREL, ANALYST SAYS - YAHOO FINANCE
Energy and oil prices have been on fire over the last six months — and expect them to go higher, says one analyst.
“For ...
Wednesday, 09 February 22
MARKET INSIGHT - INTERMODAL
Iron ore prices have jumped significantly in the week prior to the Chinese New Year with traders and producers stocking up on raw materials. China& ...
Wednesday, 09 February 22
FEBRUARY HBA HITS RECORD HIGH IN 2022 ON INDONESIA’S EXPORT BAN IN JANUARY, WORSEN SUPPLY, UKRAINE TENSIONS
COALspot.com: Indonesian Coal Price Reference for February in a steep climb from January 2022.
As expected in January the Indonesia ...
Wednesday, 09 February 22
CHINESE COAL MARKS BEST DAY IN 4 MONTHS ON TIGHT SUPPLY, HIGH DEMAND - REUTERS
China’s coal futures on Tuesday recorded their best session since Bejing’s mid-October intervention to cool runaway prices, aided by co ...
Friday, 04 February 22
RENEWABLES ON THE RISE, COAL CONTINUOUSLY FALLING - EUROPEAN COMMISSION
Although oil (34.5%) and natural gas (23.7%) were still the most important fuel sources in the EU energy mix in 2020, renewable energy’s shar ...
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- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Planning Commission, India
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
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