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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when a Member seeks to exit their mutual P&I Club, perhaps when a ship is sold or when all or part of a fleet is withdrawn by a Member at renewal.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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Tuesday, 23 May 17
TANKERS WEEKLY MARKET NOTE - ALLIED
It’s been a turbulent couple of weeks on the oil front, with the effectiveness of OPEC’s policy being under debate amongst most traders ...
Monday, 22 May 17
THE SHIPPING INDEX DECLINES AGAIN
COALspot.com: The Freight market again decline this past week, as BDI and all other indexes show a negative trend week over week.
The Baltic E ...
Friday, 19 May 17
U.S WEEKLY COAL OUTPUT UP 1.2% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.5 million short ton ...
Thursday, 18 May 17
SUPRAMAX : COAL TRIPS TO CHINA WITH VESSELS OPEN INDO HAVE BEEN FIXED AROUND $8000
Supramax
Atlantic market has stayed quiet with no substantial developments.
Cont to Med scrap cargoes have concluded around 11k says Fearnle ...
Thursday, 18 May 17
SOUTHEAST ASIA CAN ACCELERATE ACHIEVEMENT OF PARIS AGREEMENT GOALS - WCA
Low emissions coal in Asia reduces more CO2 emissions than renewable investment in Western Europe.
Investing in low emissions coal plants in S ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
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- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
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- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
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- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
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- VISA Power Limited - India
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
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- Indo Tambangraya Megah - Indonesia
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- Eastern Energy - Thailand
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- Sindya Power Generating Company Private Ltd
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- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Planning Commission, India
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- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
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- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- New Zealand Coal & Carbon
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- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
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- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
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- Anglo American - United Kingdom
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- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
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- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
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- Siam City Cement - Thailand
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- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
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- Kalimantan Lumbung Energi - Indonesia
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- Wilmar Investment Holdings
- London Commodity Brokers - England
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- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
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- Posco Energy - South Korea
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
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- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
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