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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, 22 December 22
RUSSIAN OIL EXPORTS CRATER BY 54% IN THE FIRST FULL WEEK OF THE EU'S EMBARGO AMID A SHORTAGE OF TANKERS WILLING TO CARRY CARGOES - BUSINESS INSIDER
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bl ...
Thursday, 22 December 22
CHINA TIGHTENS VERIFICATION OF SHIPS’ ENERGY CONSUMPTION DATA - GARD
From 22 December 2022, ships trading to Chinese ports must record their energy consumption data in accordance with the requirements of their Ship E ...
Thursday, 22 December 22
AN OVERVIEW OF THE LNG MARKET - VESSELSVALUE
LNG values have continued to strengthen, spurred by skyrocketing earnings that have surpassed last year’s record breaking peaks. In November, ...
Thursday, 22 December 22
COKING COAL SLUMPS AS TALKS ON AUSTRALIA-CHINA TRADE RIFT LOOM - REUTERS
Chinese coking coal futures dropped more than 3 per cent on Tuesday (Dec 20), extending losses, as supply of the steelmaking input might increase i ...
Thursday, 22 December 22
COAL AND GAS PRICE CAPS MAY COMPOUND POLITICAL RISK FOR AUSTRALIAN CORPORATES - FITCH RATINGS
Australia’s introduction of temporary price caps on domestic sales of gas and coal used for electricity generation will probably have limited ...
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- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- The University of Queensland
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
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