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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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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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Wednesday, 09 August 17
THE KEY IMPORTERS OF U.S. COAL FOR THE FIRST FIVE MONTHS OF 2017 ARE THE NETHERLANDS, INDIA AND JAPAN - PETER SAND, BIMCO
US seaborne coal exports have turned years of negative growth around and seem to be climbing for a third quarter in a row. The increase in total vo ...
Wednesday, 09 August 17
INDONESIAN COAL PRICE REFERENCE INCREASE COULD CONTINUE IN THE COMING MONTHS
COALspot.com: Indonesian coal benchmark price rose 6.36% in August, government data showed.
The benchmark price of Indonesian thermal ...
Wednesday, 09 August 17
COAL HAS GAINED AROUND 40% OVER THE PAST TWELVE MONTHS; IRON ORE HAS MOVED FROM AROUND $50/T IN AUGUST 2016 TO OVER $70/T TODAY - INTERMODAL
During the summer’s peak, and with the markets remaining relatively quiet, we can argue that most markets have built solid foundations to enj ...
Tuesday, 08 August 17
THE BULLISH RIDE CONTINUES ON FOR THE IRON ORE MARKET - GEORGE LAZARIDIS
The bullish ride continues on for the iron ore market, with most in the market now eyeing the possibility for further gains to be had as Chine ...
Tuesday, 08 August 17
COAL SALES DESTINATION IS DOMINATED BY DEVELOPING COUNTRIES IN ASIA - ADARO
COALspot.com: Adaro Energy has produced 13.27 million tonnes of coal during the second quarter of 2017, from the mines PT Adaro Indonesia, PT Semes ...
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Showing 1976 to 1980 news of total 6871 |
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- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Planning Commission, India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
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