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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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- The University of Queensland
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Planning Commission, India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- MS Steel International - UAE
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
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