We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Thursday, 21 December 17
FUEL SHORTAGE TRIGGERS JUMP IN COAL PRICES - CHINA DAILY
China’s thermal coal prices jumped recently as natural gas shortages across the north spurred an unexpected resurgence in demand for coal-fir ...
Thursday, 21 December 17
SUPRAMAX: IN THE MOST CHANCE, DO NOT EXPECT ANY DRAMATIC CHANGES IN THE NEAR FUTURE - FEARNLEYS
Supramax
Market reducing speed. Rates are dropping further for supras outbound USG on fronth, bkhaul is more stable i.e $25k/22k respectively say ...
Wednesday, 20 December 17
INDONESIAN HBA FELL FOR THE FIRST TIME IN SIX MONTHS, GOVERNMENT DATA SHOWS
COALspot.com: HBA fell 0.80 per cent in December, marking the first fall for the Indonesian Coal Price Reference ( HBA) since June 2017, the latest ...
Monday, 18 December 17
U.S. COAL EXPORTS FOR THE FIRST THREE QUARTERS OF 2017 WERE 69 MMST; UP 68% M/M - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.5 million sho ...
Thursday, 14 December 17
SUPRAMAX: INDO COAL TO CHINA AROUND LOW $10K DELIVERY SINGAPORE
Supramax
Atlantic basin kept its firm pace with charters still busy with covering pre-holiday requirements. Ultras got close to $20k for ordinary ...
|
|
|
Showing 1846 to 1850 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Planning Commission, India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
|
| |
| |
|
