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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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.
|
|
Tuesday, 12 September 17
KOMIPO TO IMPORT 2.5 MILLION TONS OF 5700 NAR COAL FOR 5 YEARS
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 500,000 Metric Tons of Bituminous ...
Monday, 11 September 17
A PUNCHY WEEK FOR THE BIG SHIPS AS THE RATE FOR WEST AUSTRALIA TO CHINA HIT $8.00 THE FIRST TIME IN NEARLY THREE YEARS - BALTIC EXCHANGE
Capesize
A punchy week for the big ships as the rate for West Australia/China hit $8.00 the first time in nearly three years. A Jiangsu Steamship ...
Monday, 11 September 17
INDONESIAN ICPR SURGES HIGHER, POSTS BIGGEST MONTHLY RISE SINCE DECEMBER 2016, ESDM DATA SHOWS
COALspot.com: Indonesian coal benchmark price surges 9.60% in September, government data showed.
The benchmark price of Indonesian th ...
Monday, 11 September 17
KOMIPO INVITED BIDS FOR TOTAL 6.235 MMT OF 5700 AND 5100 NAR COAL FOR 2017 TO 2022 LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 1,590,000 Metric Tons of Bitumino ...
Monday, 11 September 17
THE FREIGHT MARKET ROSE WEEK OVER WEEK; BCI UP 22.22% & BPI UP 14.77%
COALspot.com: The freight market rose in all segments week over week. Mainly Cape and Panamax have supported to pushed up BDI this past week, BDI, ...
|
|
|
Showing 1946 to 1950 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
|
| |
| |
|
