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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- The University of Queensland
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- The Treasury - Australian Government
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