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Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risks Clause for Voyage Chartering 2013 (VOYWAR 2013) clauses has begun, and the subcommittee has just had its third meeting.
BIMCO has established a subcommittee to review the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risks Clause for Voyage Chartering 2013 (VOYWAR 2013). Generally, charter parties contain war clauses which are also known as “War Risk Clauses” and from time to time also the war cancellation clause is included. It is important that these clauses reflect the nature of modern conflicts, and the subcommittee has started discussing this topic and whether amendments are needed to update the clauses.
At its first meeting, the subcommittee discussed the scope and objectives of the project. The general experience is that the clauses are applied unamended and that they work well since the last revision of the clause. During the last revision of CONWARTIME 2013 and VOYWAR 2013, changes in case law in particular the “Triton Lark”, the development in trading practices and the experience on demands for specialist cover brought a need to adjust the definitions of the clause. Now, about 10 years later since the last revision, and as the geopolitical landscape does not stay status quo, the subcommittee will consider whether a revision of the current wording would be relevant and beneficial to the industry. Furthermore, the subcommittee will focus on ensuring that the clauses remain commercially workable and fit today’s needs of the industry. At the following meeting, the subcommittee discussed the war risk insurance aspects, both in terms of cover and the responsible party to pay the premium.
Members of the subcommittee are Natalya Skjelmose (Norden), Anders G. Hovelsrud (DNK), Dirk Janssen (Nordisk), Dorte Nielsen (Centurion Bank), Henning Babiel (ADM), Neil Roberts (Joint War Committee), Nicola Cox (West), Richard Neylon (HFW), Richard Young (Beazley).
Source: BIMCO
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- White Energy Company Limited
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
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