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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, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
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- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- White Energy Company Limited
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Parliament of New Zealand
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
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