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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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.
|
|
Wednesday, 15 November 17
MARKET INSIGHT - LINOS KOGEVINAS
For another week, oil seems to be the most volatile and interesting commodity to watch. In this segment we’ll look at some of the major facto ...
Tuesday, 14 November 17
COAL STOCKS RUN SHORT, CENTRE TO GET DAILY UPDATE ON STOCKS - DECCAN CHRONICLE
Facing a shortage of coal for thermal power generation in the country, the Central Electricity Authority (CEA) has issued guidelines for maintainin ...
Tuesday, 14 November 17
IN 2018, WORLD OIL DEMAND IS FORESEEN REACHING 1.51 MB/D - OPEC
Oil Market Highlights - OPEC
The OPEC Reference Basket averaged $55.50/b in October, gaining $2.06 over the previous month and reaching the hi ...
Monday, 13 November 17
THERMAL COAL PRICES WERE RELATIVELY UNCHANGED - DANIEL HYNES
Coal prices were broadly higher, driven by strong gains in the metallurgical coal market said Daniel Hynes, Senior Commodity Strategist at ANZ in h ...
Monday, 13 November 17
THIESS AWARDED $300M SANGATTA EXPANSION CONTRACT
Thiess has been awarded a $300 million contract by Kaltim Prima Coal (KPC) to expand operations at Sangatta coal mine in East Kalimantan, Indonesia ...
|
|
|
Showing 1881 to 1885 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Marubeni Corporation - India
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Australian Coal Association
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
|
| |
| |
|
