OIL AND OIL PRODUCTS PRICE CAP NOTICE AND ENDORSEMENT – July 20, 2023 Update

The Association refers to it’s Circulars dated 23rd February 2024 and 29th April 2024 and in particular with reference to the attestations required to be

The oil price cap (OPC), introduced by the Price Cap Coalition (comprising the G7, the EU and Australia) in December 2022, has two key objectives:….

The Association has recently become aware of an unfortunate development at the Port of Lome, Togo in West Africa. Vessels lying at anchor off Lome

SUBJECT: CIRCULAR LETTER ON THE SUSPENSION OF SERVICES FOR VESSELS HOLDING CLC, CLC B, AND WRC INSURANCE CERTIFICATES GUARANTEED BY THE CLUB BY THE MINISTRY OF TRANSPORTATION OF THE REPUBLIC OF INDONESIA

The members of the G7, the European Union and Australia (together, the “Price Cap Coalition”) have agreed to implement a prohibition on the maritime transportation of certain oil (HS code 2709 / CN code 2709 00 / HTS code 2709.00) and oil products (HS code 2710 / CN code 2710 / HTS code 2710) (together “Russian Oil Products”), originating in or consigned from Russia, from a place in Russia to a third country or from one third country to another.

This circular is directed at those Members whose cover includes cargo liability under Class 1 Rule 4.19. 

The members of the G7, the European Union and Australia (together, the “Price Cap Coalition”) have agreed to implement a prohibition on the maritime transportation of certain oil (HS code 2709 / CN code 2709 00 / HTS code 2709.00) and oil products (HS code 2710 / CN code 2710 / HTS code 2710) (together “Russian Oil Products”), originating in or consigned from Russia, from a place in Russia to a third country or from one third country to another….

To the Members It should be noted that the following amendments to Rules will be effective from the 20th February 2023. GENERAL RULES Rule 29.d

To the Members/Brokers, Although this has not happened so far with any payments intended to be made to the Association’s bank account we are aware

It should be noted that the following amendments to Rules will be effective from the 20th February 2022