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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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Saturday, 25 March 23
COAL INDIA HAS STRONG CASE TO INCREASE PRICES, TALKS ON: CMD AGRAWAL - BUSINESS STANDARD
Coal India (CIL) Chairman and Managing Director Pramod Agrawal said on Monday there is a “strong case” for increasing coal prices, and ...
Saturday, 25 March 23
ASIAN CRUDE PALM OIL WATCH 1Q23 - FITCH RATINGS
Malaysian benchmark crude palm oil (CPO) spot prices have averaged around USD915 per tonne (t) so far in 1Q23, sharply lower than the average of ar ...
Saturday, 25 March 23
INDONESIA’S COAL EXPORT INCREASED BY 21.0% YOY TO 388.4 MLN T IN 2022 - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels. In the f ...
Saturday, 25 March 23
GLOBAL LNG-ASIA SPOT PRICES SLIP AS WEAK NORTHERN DEMAND REMAINS - REUTERS
Asian spot prices of liquefied natural gas (LNG) declined this week, falling to a 21-month low, as weak demand in the northeast Asia region continu ...
Wednesday, 22 March 23
OIL PRICE FALL SPECULATIVE, TO HIT $140 BY YEAR-END -ANDURAND: REUTERS
The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierr ...
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- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Planning Commission, India
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- VISA Power Limited - India
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- The University of Queensland
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
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