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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, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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