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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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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, 06 July 17
SUPRAMAX: INDO TO INDIA TRIPS WITH DELIVERY THAILAND RANGE IS GIVING OWNERS AROUND MID $8000 - FEARNLEYS
Supramax
Another slow start to the week with somewhat softening rates and few fixtures.
According to Fearnleys Weekly Dry bulk report, the N ...
Thursday, 06 July 17
UNEXPECTED MOVE FROM CHINA BOOSTS COAL PRICES - OIL PRICE
Coal prices have been cooling the last few months — after a spectacular run last year. But news late last week suggests the market is about t ...
Wednesday, 05 July 17
COAL PRICES ROSE IN CHINA, JAPAN AND EUROPE IN 2016 - BP
COALspot.com: Coal prices rose in China, Japan and Europe in 2016 after four years of price declines.
According to bp, the rise in coal prices ...
Wednesday, 05 July 17
TANKER MARKET INSIGHT - KATERINA RESTIS
A war of words blasted last month as the UAE, S. Arabia, Egypt and Bahrain revealed that they are experiencing severe diplomatic issues with the st ...
Wednesday, 05 July 17
TROUBLE SEEMS TO BE LOOMING ONCE MORE IN THE STEEL INDUSTRY - GEORGE LAZARIDIS
Trouble seems to be looming once more in the steel industry as US President Trump puts forth his plans for specialist protectionist measures for th ...
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Showing 2011 to 2015 news of total 6871 |
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- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Aditya Birla Group - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- The University of Queensland
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
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