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OCEAN CLUB

UK Commission Formal Probe into Marine Insurance

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.


London Club Achieves Income Targets

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.


P&I Club Celebrates 21 Years in Germany

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


State of the P&I Market: As Stocks Drop, Rates Will Rise

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


Following the Path of the Transport Revolution

Photo credit: Captain Katharine Sweeney

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


UK P&I Club: 6.5% General Increase for 2015

The UK P&I Club board has agreed at its meeting on October 27, 2014 that the general increase for the 2015 renewal will be 6.5%. The premium rating increase is in addition to any change in the cost of the international group reinsurance premium for 2015 for the mutual members, which will be determined next January. In setting the general increase, the UK Club board said it is mindful of the balance between the needs of the club’s members and its commitment to maintaining


Maritime Administrator Honored

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


A.M. Best Awards TT Club "A-" Rating

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 out on Marine Highways

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.  


Members Boost London P&I Club Tonnage

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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


Steady Growth Reported by the Swedish Club

Courtesy The Swedish Club

  The Swedish Club reported a solid operating result to its board today, continuing a record of building on steady growth. 2014 was seen as a stable year, where the underwriting result outperformed the fi­nancial performance and the insurance products across the board returned a staunch


K-Line Executive Pleads Guilty to Price Fixing

An executive of Japan-based Kawasaki Kisen Kaisha Ltd. (K-Line) was sentenced to 18 months in a U.S. prison after pleading guilty to his involvement in a conspiracy to fix prices, allocate customers and rig bids of international ocean shipping services for roll-on


Swedish Club Reports 'Healthy Growth'

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The Swedish Club reported a solid operating result to its board today, continuing a record of building on steady growth. 2014 was seen as a stable year, where the underwriting result outperformed the financial performance and the insurance products across the board returned a staunch to high


New Workwear Lifejacket Introduced

Photo courtesy of Ocean Safety

Ocean Safety has introduced a new range of workwear lifejackets.   The new Kru Workwear range completes Ocean Safety’s lifejacket offering, providing a wide choice for personnel working in both the commercial and leisure industry.


Odisha wants to be a Maritime Gateway of India

Chief Minister Naveen Patnaik and India’s External Affairs Minister Sushma Swaraj inaugurate international Conference on India and Indian Ocean at Bhubaneswar. (Photo Courtesy: Ashok Panda, Odisha Diary)

 Odisha has the opportunity to reclaim its trade and cultural relations with nations in the Indian Ocean Region. The state can become the maritime gateway of India once again, said Odisha Chief Minister Naveen Patnaik.   Recollecting the rich trade practice of Kalinga merchants


Conservation Efforts in Revised ESA Listing of Green Sea Turtle

Green sea turtles are found around the globe in tropical and subtropical waters. (Credit NOAA)

  NOAA Fisheries and the U.S. Fish and Wildlife Service proposed today to reclassify the green sea turtle under the Endangered Species Act, and list turtles originating from two breeding populations currently considered endangered as threatened due to improvements in their populations.


Somali Pirates Shifting Towards India

Pic: Manohar Parrikars Facebook Page

 Somali pirates, after being neutralized by various countries’ navies, are shifting their locations towards India, but the country is watchful to deal with such threats, says Indian Defence minister Manohar Parrikar.   Because their (shipping) lanes are heavily guarded


Golden Ocean CEO: Dry Bulk Shipping Market May Rebound

Herman Billung (Photo courtesy of Golden Ocean)

Dry bulk shipping charter rates remain well below break even levels, pushing vessel scrapping to record highs, though some market improvement is expected in the second quarter, Herman Billung, the CEO of shipping firm Golden Ocean said. Dayrates have plunged as China's slowdown reduced its iron


Marine Claims Insurance Reminder by Danish Authority

Need to take insurance to cover maritime claims

  If you own a ship with a gross tonnage (GT) of or above 300, you must inform the Danish Maritime Authority about your insurance for maritime claims by 31 March 2015. The requirement does not apply to foreign ships. It is about time to check your insurance for maritime claims.


World Ocean Council Welcomes Damen

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Damen Shipyards Group  has become the latest member of the World Ocean Council (WOC). Damen is the first European shipbuilder to join the WOC, the international business leadership alliance on ocean sustainability, science and stewardship.


Joe Frohnhoefer, Founder of Sea Tow, Dead at 71

   Captain Joseph Frohnhoefer, Jr. (Photo courtesy of Sea Tow)

  Captain Joseph Frohnhoefer, Jr., the founder and CEO of Sea Tow Services International, died Tuesday at the age of 71. He passed at his home in Southold, NY after a battle with cancer.   Frohnhoefer founded Sea Tow, which now has over 100 locations across the U.S


Salvage, Wreck Removal Beset with Chronic Problems

  The basic nature of maritime casualties, salvage and wreck removal has evolved rapidly over the last few years. Ships and offshore constructions have become more technologically elaborate, and in many cases simply bigger and more complex than ever


Golden Ocean and Knightsbridge Complete Merger

Image courtesy of Golden Ocean

  The merger between Knightsbridge Shipping Limited and Golden Ocean Group Limited was approved today at special meetings of both companies' shareholders.      The new company, which will be called Golden Ocean Group Limited


Damen joins World Ocean Council

Image: Damen Shipyards Group

 Dutch-based Damen Shipyards Group has become the latest member of the World Ocean Council (WOC).    The global shipbuilder headquartered in the Netherlands is the first European shipbuilder to join the WOC, the international business leadership alliance on ocean sustainability


Yachting Malta PPP Sets Sail

Commodore Godwin Zammit. Photo by the Royal Malta Yacht Club

 Yatching Malta Ltd (YML) - a new public private partnership (PPP) between the government and the Royal Malta Yacht Club (RMYC) was formed with the aim of putting Malta on "the global yachting map".   Prime Minister Joseph Muscat launched YML at the club's headquarters in Ta






 
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