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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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Sunday, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
Saturday, 25 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - 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, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
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- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- PTC India Limited - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- The University of Queensland
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
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