We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Wednesday, 13 August 14
WHAT DOES PROJECT CARGO REALLY MEAN TO INSURERS?
 KNOWLEDGE TO ELEVATE
Richard Kamppari-Baker, claims manager of FP Marine Risks, explains the challenges of project cargo risk assessment from an insurer’s point of view.
Project cargo is the large, oversized, overweight heavy lift cargo or critical pieces of equipment that may be high value or time sensitive and sometimes both. Project cargo insurance covers against loss or damage in transit for critical components of large civil, production facility, infrastructure, and/or construction projects.
Considerations
In addition, there are considerations to be taken into account for Delay in Start up (DSU) and Advanced Loss of Profits (ALOP) against loss of income and profit arising from late or non-delivery of critical components due to an accidental occurrence in transit.
Failure of a shipment to arrive, or not arrive intact, can turn a USD10 million cargo loss into a claim ten times its value when factoring in the knock-on effects of one piece of equipment not being ready at a particular date, which then causes disastrous consequences to the project as a whole. Whilst failure of any cargo to arrive has an enormous impact on operations, for project cargo this has far reaching ramifications.
For this reason the assured look towards insurers to cover the additional economic cost when something goes wrong.
Evaluating risk
Insurers will only compensate the assured for the loss or put it back in the same position. So how does an underwriter even start to evaluate the risk when the consequences are not easily apparent? Project cargo is specifically dependent on transport logistics and tight timeframes, so missing any goal or target will have serious knock-on effects.
To begin a proper assessment of the exposure, a few crucial factors need to be considered. The time and costs for re-fabrication as well as for reshipping the item need to be calculated, which is not an easy task when the bespoke nature of these items is considered.
During this time, insurers will need to calculate the knock-on effects when other goals or targets cannot be met. This means they need to evaluate the loss of profit and/or other operational costs at each stage affected until the project is completed. This is by no means guesswork and there is a complex system involved in calculating each risk.
Appraising the exposure is only part of the problem to insurers because one must consider how to move such an item. Project cargo will most likely be out-of-gauge or exceed regular weight limits, so the question is how the transport is to be done. Moving pylons across muddy roads in India during monsoon season, or loading reactors onto vessels, need the highest level of expertise. The services of engineers, surveyors, mariners, naval architects, consultants and government officials will be required. Careful consideration is essential in deciding who to employ.
Relevant experience
A major factor is to ensure the right people with the relevant experience are chosen. A team of international experts may need to be flown out at each stage of the transit. A key role is an individual who will be in charge of coordinating all communications amongst the team, ensuring all members are properly informed whilst avoiding any misunderstanding whatsoever.
Once the determined route has been scrutinised, the next stage is to ensure all requirements are met. Inland transits often require special authorization or conditions and vessels might need special clearance from their P&I clubs or insurers.
Insurers are very reliant on the assured and other experts to advise on stowage and on whether an item is capable of withstanding the rigours of transit. Items that protrude or carry extreme weights present a huge problem while stationary, but these complications are magnified tenfold when combined with extreme forces of rolling and pitching while in transit.
Calculations need to be carried out by professionals, securing contractors to ensure correct fastenings, buttresses, and so on, are used. Stability during the voyage is essential, so great care is taken to ensure the centre of gravity is evenly distributed.
All the advice from the experts is only as good as Mother Nature permits. A final weather routing will often need to be agreed before the shipment can commence.
No matter how fastidious insurers, carriers, freight forwarders and shippers are, there is a chance that an accident will happen. Claims will of course arise when route surveys are not properly carried out of when stowage of fittings are not adequate.
There will always be unforeseen events that cannot be predicted. The role of the insurer is not to take a gamble on whether a shipment will arrive in time and good order, but to know the risks and eliminate the uncertainties. For project cargo this is critically important, given the high cargo values and the potentially enormous claims involved.
Source: FP Marine / Hellenic Shipping
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 18 August 14
SUB-BIT FOB INDONESIA COAL SWAP CLOSED AT $58.60 FOR SEPTEMBER 2015; UP $4 FROM SEPTEMBER 2014 CLOSING
COALspot.com: Indonesian coal swaps for average September 2014 decreased US$ 0.15 (-0.27%) day on day and US$ 0.75 (-1.36%) per mt week on week. Th ...
Monday, 18 August 14
CFR SOUTH CHINA COAL SWAP PERFORMED WELL THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.45 (+0.66%) day on day and US$ 0.30 (+0.44%)&nbs ...
Saturday, 16 August 14
HIGH DEMAND OF IRON ORE SHIPMENTS PUSHED CAPE INDEX UPWARDS
COALspot.com: This week's freight market was buoyant with Cape and panamax index seeing a big jump pushing the BDI above 1,000 points week on c ...
Friday, 15 August 14
5TH ANNUAL POWER AND ELECTRICITY INDONESIA
5TH ANNUAL POWER AND ELECTRICITY INDONESIA
13-16 October 2014
Grand Hyatt Jakarta, Indonesia
Web Site
The country’s definitive ...
Thursday, 14 August 14
U.S. STEAM COAL IMPORTS REMAIN DOWN SHARPLY FROM HISTORIC HIGH IN 2007, SAYS EIA
COALspot.com: U.S. steam coal imports at power plants have fallen significantly from their peak level of more than 30 million tons in 2007 to less ...
|
|
|
Showing 3541 to 3545 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Minerals Council of Australia
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
|
| |
| |
|
