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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, 01 December 21
MARKET INSIGHT - INTERMODAL
Essentially, anyone involved in the shipping and commodity markets still struggle with commodity supply issues and skyrocketing prices in the conte ...
Tuesday, 30 November 21
CHINA'S TOP ECONOMIC PLANNER SUMMONS COAL PRODUCERS; LONG-TERM PRICING MECHANISM IS ADVISED - GLOBAL TIMES
China’s top economic planner the National Development and Reform Commission (NDRC) said on Monday that they summoned coal producers for a hea ...
Tuesday, 30 November 21
CHINA'S COAL PRICES PLUNGE AFTER GOVT SIGNALS MORE PRICE REGULATION - REUTERS
China’s thermal coal futures dropped 5.6% on Monday after the state economic planner signaled further regulations for prices of the dirty pow ...
Friday, 26 November 21
AS COAL MARKET STABILIZES, CHINA STEPS UP NATURAL GAS SUPPLY TO MEET WINTER DEMAND - GLOBAL TIMES
The daily supply of natural gas in China has exceeded 1 billion cubic meters (bcm) since November began, up 11 percent year-on-year, data from stat ...
Friday, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
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- Economic Council, Georgia
- Standard Chartered Bank - UAE
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Planning Commission, India
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Australian Coal Association
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
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