Marine link
 

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.


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


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.


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


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


ISM Compliant Ships Make Fewer Claims: Insurer

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


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

logopi.gif

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


Crowley Christens New Ocean Class Tugboat

Photo: Crowley

Crowley christens new ocean class, DP2 tugboat, Ocean Sun, in Louisiana As part of the company's new vessel build program, Crowley Maritime Corp. christened the latest of its four tugboats in the ocean class series, Ocean Sun, today in Lake Charles


Autonomous Technology for Offshore Wind Farm

ASV Ltds C-Worker

  ASV Ltd in association with Planet Ocean Ltd, have received funding from the GROW:OffshoreWind initiative to investigate how the use of Autonomous Surface Vehicles (ASVs) could reduce the costs of offshore wind farm support. The project will look at using ASVs to reduce the cost of


Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to extend a lease on two ultra-deepwater drilling ships. Petrobras, as the Brazilian oil company is known, will get the ships


Ocean Installer Enters Australian O&G Market

Normand Vision & Normand Mermaid.

Ocean Installer’s said that it has established office in Perth, Australia to meet demand for subsea construction services.  “This is the beginning of our presence in another promising region in line with Ocean Installer’s growth strategy


US Pollution Risks: Federal & State Summaries

US Pollution Risks: Image courtesy of UK Club

The US Pollution Risks publication, recently published for its members by the UK P&I Club, compiles summaries of all the Federal and state requirements on liability, COFR requirements and vessel contingency plan requirements. Legal Briefings provide an overview of certain laws and


Biofouling Foiled: UV Light Harnessed for Biofouling Control

(Photo courtesy of Adrian Round, Dir. of Observatory Operations, ONC)

Since the first deployment of in-situ monitoring instrumentation, biofouling has been a problem. Without an effective solution, people have historically had to accept the limits biofouling imposes on ocean sensing work, with significant repercussions


Holland America Line Wins 8 Magellan Awards

HAL wins 8 Magellan Awards

  Travel Weekly magazine announced the recipients of its 2014 Magellan Awards, and Holland America Line received eight of the prestigious honors. The line won five gold awards in the categories Restaurant Design for Canaletto Small Plates


Ocean Installer Awarded New Contract

Normand Clipper

Ocean Installer has been awarded a contract for SURF support work in Brazil for Saipem. The contract which will see the Normand Clipper in Brazil for 8 months is valued at circa USD 50 million, with options to extend. Ocean Installer will support Saipem with their installation of multiple Steel


Schlumberger Releases 2014 Software Platforms

The 2014 platform releases deliver a new user experience for a productivity step change

  Schlumberger has released the 2014 versions of its industry leading software platforms. The Petrel* E&P software platform, Techlog* wellbore software platform, Studio* E&P knowledge environment and Ocean* software development framework enhance multidisciplinary integration


NOAA, NASA & BOEM to Monitor Biodiversity

U.S. Initiates Prototype System to Gauge National Marine Biodiversity.jpg

NOAA, NASA and the Department of the Interior's Bureau of Ocean Energy Management (BOEM) have joined together to support three demonstration projects that will lay the foundation for the first national network to monitor marine biodiversity at scales ranging from microbes to whales.


Knightsbridge and Golden Ocean to Merge

Golden Ocean’s capesize bulker, Channel Navigator. Image courtesy Golden Ocean

  Knightsbridge Shipping Limited and Golden Ocean Group Limited have today entered into an agreement and plan of merger pursuant to which the two companies have agreed to merge, with Knightsbridge as the surviving legal entity. The Combined Company will be renamed Golden Ocean Group Limited


TT Club Shows Strong YTD Performance

The TT Club, an international transport and logistics insurance provider,  released a trading update for the period 1 January - 31 August 2014. Charles Fenton, Chief Executive of the TT Club, said: “Low claim levels have continued through from 2013 which have contributed to TT


ICS: Oil Pollution Compensation Regime under Threat

Peter Hinchliffe (Photo: ICS)

The running of the global regime for compensation from oil pollution from ships may be under threat, due to a decision by governments to wind up the 1971 International Oil Pollution Compensation Fund (IOPCF), says the International Chamber of Shipping (ICS)


Shipowners Club Shares Half Year Results

141014 Claims vs vessel count.jpg

The Shipowners’ Club has released its half yearly results as at 20th August for the 2014/15 year, and reports a strong underwriting performance with a significant increase in free reserves over the same period last year.   Highlights* include Earned premiums US$120.3M


Ocean Rig Partners Files for IPO

  DryShips Inc. through its majority owned subsidiary, Ocean Rig UDW Inc. of offshore deepwater drilling services, today announced that Ocean Rig’s wholly-owned subsidiary, Ocean Rig Partners LP  filed a Registration Statement on Form F-1 with the Securities and Exchange






 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright