The European Commission has opened formal proceedings to investigate whether certain provisions accompanying claim-sharing and joint-reinsurance agreements in the marine insurance sector might infringe European Union antitrust rules. The Commission fears that the provisions at stake in the agreements between the Protection & Indemnity Clubs (P&I Clubs) within the International Group of P&I Clubs (IG) may harm ship owners and the insurers that are not members of the IG. P&I Clubs are mutual non-profit making associations that provide Protection & Indemnity insurance - a type of direct marine insurance - to their members, the ship owners. The International Group of P&I Clubs (IG) is a worldwide association of thirteen P&I Clubs. The members of the IG provide P&I insurance to about 93% of the world’s ocean-going tonnage. In the framework of the IG, the P&I Clubs operate two separate agreements, the International Group Agreement and the Pooling Agreement that contain rules on the sharing of insurance claims and joint reinsurance as well as rules on the contractual relationships between the P&I Clubs and their members. The agreements are not automatically covered by the new antitrust block exemption for the insurance sector that came into force in April (see IP/10/359). This is because the market share concerned is well above the 20-25% ceilings provided in the block exemption.
Dr Matthias Reith, director of German bulk carrier owner Orion Schiffahrtsgesellschaft Reith & Co of Hamburg, helped the North of England P&I club celebrate 21 years of working with the German shipping industry today. Speaking a major industry reception organized by the club at the Zipplehaus restaurant in Hamburg, Dr Reith said 'In 1982 Orion became the first company from Germany to join the North of England. The club now insures 36 fleets in Germany and works with 11 of the German-based
The London P&I Club achieved its premium income targets during the renewal negotiations completed on February 20. It now has a total fleet entry of more than 30 million gross tons, covering all categories of membership. Major new entries in the Club included fourteen bulk carriers operated by Petros Pappas' Sentinel Marine Services in Greece. Also, existing members - including the Schuldt Group, V Ships, Cosco Hong Kong, and MISC - entered additional vessels with the Club.
The 13 P&I Clubs within the International Group continue to dominate the world market for shipowners' liability insurance despite increasing competition in recent years from fixed premium facilities. The development of the fixed premium market and, in particular, the rapid growth of the P&I account of the marine and energy syndicate 329 at Lloyd's led by Jonathan Jones, served to increase pressure on premium rating in recent years
Maritime Administrator Sean T. Connaughton, pictured speaking a the recent annual meeting of the Society of Naval Architects & Marine Engineers, was honored by the International Propeller Club. (Photo Credit: Greg Trauthwein) The International Propeller Club named Maritime Administrator Sean T. Connaughton the 2007 Maritime Person of the Year at its 81st annual International Convention held in Athens, Greece. Administrator Connaughton was honored for his “leadership
TT Club, established to fill a gap in insurance as the freight container revolutionized trade, celebrates 45 years dedicated service to the transport and logistics sector. In 1956, the first strengthened containers were loaded onto a spar deck of the converted tanker, Ideal X. This marked the fulfilment of a dream for American trucker Malcom McLean who had, since 1937, been working on how to reduce the long waiting hours for dockers to stow or unload his vehicles onto or off ships
The London P&I Club has increased its membership by almost two million gross tons over the past year. This increase reflects the entry of further tonnage with the club by existing members, and the addition of new members from China, Greece, Singapore, Turkey, and the U.K. Ian Gooch, chief executive of the club’s management team, says, “The London P&I Club heads into 2014/15 after a solid renewal and further controlled growth
TT Club, the leading mutual insurer in the international freight and logistics arena, has had its financial strength rating of A- (Excellent) re-affirmed by the US rating agency, A. M. Best. TT’s issuer credit rating was also maintained at "a-" by the agency, which at the same time determined that the outlook for both ratings remains "stable." In a statement issued today announcing the Club’s ratings, A. M
Seaway CEO to speak at Montreal's Canadian Club (March 26) and Toronto's Economic Club (March 27). Terence Bowles, President and CEO of the St. Lawrence Seaway Management Corporation, will be delivering a speech entitled "The Seaway - Not Just a Marine Highway". The speech will be given at the Montreal Canadian Club on March 26, and at the Toronto Economic Club on March 27.
Protection and indemnity (P&I), and hull insurer, The Swedish Club reported that a study it conducted showed direct evidence that ships complying with the International Safety Management code (ISM) have made significant fewer claims than non-ISM vessels. The primary objective of the ISM code is to minimize human error by development and implementation of procedures. The analysis, which examined hull and P&I claims over a four-year period ending June 30, 1999
The fourth Houston Shipping and Offshore Conference has announced the final program for its Friday, October 10 conference at the Houstonian Hotel, Club & Spa, 111 N. Post Oak Lane, Houston. This year’s program is centered on the theme
The US Department of Defense inform that five firms are to share in a broad range of ocean engineering services contracts with a combined maximum dollar value of US$99-million. Details as follows: The five firms are: Truston Technologies Inc., Lafayette, Louisiana
Last Tuesday’s announcement of the formation of the “Ocean Three” alliance – actually a combination of vessel sharing, slot exchange and slot charter agreements – confirmed one of the worst kept industry secrets
The UK P&I Club has compiled an FAQ which focuses on the implications for P&I insurance of choosing to use the Northern Sea Route. The Northern Sea Route (NSR), or North East Passage, runs along the Russian coast from the Atlantic to the Pacific through the Kara, Laptev, East Siberian
With just one month to go to the start of the first leg of the Volvo Ocean Race 2014-15, GAC Pindar is in the thick of ensuring the provision of a seamless logistics support package for the 12th edition of the race that has been nicknamed the 'Everest of Sailing'.
The Maritime Alliance promotes the 6th Annual event Novemeber 12-13, 2014 at the McMillin Companies Event Center in San Diego, CA as a unique opportunity to understand trends, network with leaders from the public and private sector
Ocean Rig UDW Inc. has chosen Kongsberg Maritime to supply an extensive offshore and navigation simulator package for a brand new training center. With a sophisticated integrated simulator suite, enabling specific operations and vessel team training, Ocean Rig’s new facility
Yesterday, a new club house for the Cleveland Juniors Football Club in Middlesbrough in northern England was officially opened. With support from RWE Dea, the Football Foundation and other sponsors, Lionsraw collected a total of GBP 418
Once again displaying their diversity for use in the domestic petroleum industry, one of Crowley’s four ocean class tugs, Ocean Sky, recently provided back-up station-keeping and holdback services during a routine blackout test of ultra-deepwater, semisubmersible oil rig Noble Jim Day in U.S
The California State Lands Commission (CSL) has promulgated a letter to clarify its interpretation of existing ballast water requirements under the California's Marine Invasive Species Act (MISA) informs the UK P&I Club. In its letter
The Atlantic Ocean has masked global warming this century by soaking up vast amounts of heat from the atmosphere in a shift likely to reverse from around 2030 and spur fast temperature rises, scientists said. The theory is the latest explanation for a slowdown in the pace of warming at the
The Swedish Club today announced its half-year results in which it reported that the club continued to demonstrate a solid performance in the first six months of the new accounting year with an overall surplus of $10.3 million, this outcome being largely a result of continued positive underwriting
Three global shipping organisations have issued guidance to their members on the risks posed to ships’ crews calling in countries affected by the Ebola virus, and similar alerts have been issued by the P&I clubs, according to trade organization Maritime London.
The American P&I Club has updated its advice to members on the handling of steel cargoes. It has done so in consequence of some recent cases where the absence of pre-loading surveys increased the cost of steel cargo claims on discharge.
Communications and safety at sea specialist Ocean Signal has appointed FURUNO Italia S.R.L. as its new distributor for Italy. Following confirmation of the new partnership, FURUNO is now able to market and supply the entire Ocean Signal range of products