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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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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
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Thursday, 24 August 17
SUPRAMAX: LOW $10K FOR INDO COAL TRIPS TO INDIA; AROUND $10K FOR INDO TO CHINA TRIPS - FEARNLEYS
Supramax
This week Supras from the Black Sea on fhaul have seen numerous orders and improving rates.
53-57k dwt vessels have been fixed at e ...
Wednesday, 23 August 17
THE STRONG IRON ORE TRADE ROUTES SUPPORT CAPESIZE SEGMENT - INTERMODAL
The upward trend in the Capesize segment is definitely being supported by the strong momentum in the key iron ore trade routes. The price of high-q ...
Tuesday, 22 August 17
THOSE DOG DAYS OF SUMMER STEEL PRODUCTION IN CHINA - COMMODORE
COALspot.com: One popular but inaccurate narrative that makes the rounds every June and July (and occurred again this year) is that China’s s ...
Monday, 21 August 17
BANPU REVEALS FIRST HALF 2017 WITH STRONG RESULTS; SUPPORTED BY HIGHER COAL PRICES
Banpu Reveals First Half 2017 with Strong Results from Higher Coal Prices Gearing Up to the Era of New Energy with Banpu Greener & Smarter Stra ...
Monday, 21 August 17
INDIA'S COAL IMPORTS DECLINE TO 192 MT IN FY17 - PTI
Import of coal saw a decline of 6.37 per cent to 191.95 million tonnes (MT) in 2016-17 on higher production by CIL that saw the country move to a r ...
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Showing 1961 to 1965 news of total 6871 |
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- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- MS Steel International - UAE
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Australian Coal Association
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
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