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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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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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- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Planning Commission, India
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
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