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Tuesday, 22 August 17
WHAT IS A RELEASE CALL?
 KNOWLEDGE TO ELEVATE
Joining a mutual P&I Club means each Member shares in the fortunes of that Club and its membership. The continuity of Club membership, which is typical within the mutual P&I environment, permits longer term investment and planning to be undertaken.
Estimating premiums doesn’t work as well in a commercial context because profits, arising from the underwriting performance, must be determined each year and consolidated with the insurers overall results and consequential dividends paid to shareholders. The commercial insurance environment is sometimes accused of lacking a sense of camaraderie within its named assureds. In contrast, a Member of a mutual P&I Club has a common interest in his fellow membership as they may be required to contribute to the claims of others despite possibly having made no claim themselves, or to come to the aid of fellow ship owners in the event of a catastrophe (overspill) claim.
Whilst these original principles of mutual membership are preserved, reinsurance programmes and the building up of reserves to meet outstanding liabilities generally means mutual P&I Clubs are adequately funded to meet the cost of claims without turning to their membership, as a whole, to contribute through an additional premium call.
Introducing release call
Despite the general continuity of membership there may be occasions when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal. The way in which each P&I Club handles this situation can differ depending on the Club’s calling structure. This highlights one of the important distinctions between commercial insurance and the mutual approach – the introduction of release calls.
Those Clubs that apply release calls describe them as a means of protecting the wider Club membership against the risk that, after a Member leaves, the policy year may deteriorate, exceeding the budgeted supplementary call amount and provoking an unbudgeted supplementary call to be made to the remaining Mutual members. The most common form of release call is a percentage amount that is loaded on top of the estimated supplementary call. For example, a Club may apply a release call of 10% whereas the supplementary call is set at 20% of the advance call. Consequently, upon leaving the Member would be required to pay a release call to the open policy year, of 30% of the advance call. The amount can vary depending on the status of each open year to the Club. Should premiums be collected in the format of an Estimated Total Call (ETC) the calculation of a release call may differ as the ETC technically includes the estimated supplementary call within its structure.
Release call percentages are reviewed regularly and generally reduce over time as the outcome of the open policy year becomes easier to determine.
It is important to stress that each Club adopts their own policy when it comes to release calls and in most situations, it remains possible to defer the payment of a release call by the placing of a bank guarantee from a first-class bank which would respond in the event that a supplementary call is levied for policy years in which the Member was entered.
Source: The Shipowners’ Club
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Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
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Showing 21 to 25 news of total 6846 |
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- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- The University of Queensland
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- White Energy Company Limited
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
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