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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, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Planning Commission, India
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Australian Coal Association
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
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