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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
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