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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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.
|
|
Friday, 13 October 17
U.S. COAL EXPORTS FOR THE FIRST SEVEN MONTHS OF 2017 TOTALED 51 MMST; UP 62% YOY, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million shor ...
Thursday, 12 October 17
THERMAL COAL PRICES IN EUROPE AND ASIA PUSHING HIGHER - DANIEL HYNES
Coal markets took the lead from the oil market, with thermal coal prices in Europe and Asia pushing higher says Daniel Hynes,Senior Commodity Strat ...
Wednesday, 11 October 17
2020 DEBATE AT IBIA'S LISW EVENT: COMPLIANCE & ENFORCEMENT – IT'S COMPLICATED : IBIA
There is no doubt about the start date for the 0.50% marine fuel sulphur limit in MARPOL Annex VI, but questions remain around how it will be enfor ...
Wednesday, 11 October 17
SHIPPING MARKET INSIGHT - TIMOS PPADIMITRIOU
With the majority of second-hand tonnage transactions taking place in the dry bulk sector it’s easy to lose sight of what is happening over a ...
Tuesday, 10 October 17
DELIVERY OF CARGO WITHOUT ORIGINAL BILLS OF LADING - UK P&I CLUB
KNOWLEDGE TO ELEVATE
- It is common in a lot of trades, whether bulk or oil, to accept a Letter of Indemnity (“LOI”) for non-produ ...
|
|
|
Showing 1916 to 1920 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
|
| |
| |
|
