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 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
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
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
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
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.
After concluding two 3,500HP tug sales on December 30, Marcon International Inc. has started 2015 with three ocean barge sales, and hopes to report on several additional sales before the end of this month. Five 4,500-6,000HP tugs, one 5,150BHP AHTS and two 3,200 – 5
Eleven individuals and organizations have been named as winners of the 2014 Walter B. Jones Memorial Awards for Excellence in Coastal Ocean Resource Management, an award given by NOAA’sOffice for Coastal Management for exemplary leadership and a commitment to balancing the human use
The California Air Resources Board has fined four shipping companies a combined $146,719 for failing to switch from dirty diesel “bunker” fuel to cleaner, low-sulfur marine distillate fuel upon entering Regulated California Waters – within 24 nautical miles of the
Hinode Maritime Conferences have announced their "2nd Annual Conference on the Outlook for India's Seaborne Dry Bulk Trade". Considered the largest conference in India on Dry Bulk Trade to be held on January 22, 2015 at Hotel Vivanta by Taj-President Mumbai
Seafarers International House will hold its 15th Annual Setting the Course Awards Banquet on Thursday, April 23, 2015 at the New York Athletic Club, 180 Central Park South, New York City. This year’s honorees are Anthony Chiarello, President & CEO, Tote, Inc
Fidelis Group launches ocean cargo division; Doug Fischer and Crystal Prout named managing directors Fidelis Group Holdings, LLC (FGH) with its subsidiary company Continental Underwriters, Ltd. announced the formation of its new ocean cargo division.
Several of Ocean Rig UDW Inc. subsidiaries have entered into an omnibus agreement with ENI Angola S.p.A pursuant to which ENI has exercised its option to extend the contract for the drillship Ocean Rig Poseidon for a further one year until the second quarter of 2017.
The World Ocean Council (WOC) has announced its 3rd Sustainable Ocean Summit (SOS) to be held on 9-11 November, 2015 in Singapore. The SOS is the only international, multi-sector, business event dedicated to “Corporate Ocean Responsibility”
Two new U.S. research vessels are going full steam ahead: the U.S. National Science Foundation will formally commission its Arctic-bound Sikuliaq, and the Woods Hole Oceanographic Institution’s Neil Armstrong will begin science operations.
A Chinese submarine has started to search an area of the Indian Ocean for seabed deposits of gold, silver, copper and zinc, in a four-month-long mission. A Chinese submersible vessel has been conducting its first deep dive in the Indian Ocean in search of rare metals
Maritime traffic on the world’s oceans has increased four-fold over the past 20 years, according to a new study quantifying global ship traffic. The research used satellite data to estimate the number of vessels on the ocean every year between 1992 and 2012
BIMCO encourages members to take part in the next free event organised by the Young Professionals in Shipping Network (YPSN) in Shanghai on 15 January 2015. BIMCO fully supports YPSN’s aim to hold events to help young professionals meet their industry peers, build relationships
The Shipowners’ Club is a mutual provider of P&I insurance that has throughout its 160 year history been dedicated to serving owners of small and specialist ships. These vessels, active in a range of different operations, are at the lower end of the size spectrum and
Duncan Sharpe of Gander, Kevin Blackler of St. John’s, and Richard Worthman of Heart’s Delight were convicted for improperly harvesting seals in accordance with humane harvesting requirements under the Canadian federal Fisheries Act.
There are plastic shopping bags, bottles, toys, action figures, bottle caps, pacifiers, tooth brushes, boots, buckets, deodorant roller balls, umbrella handles, fishing gear, toilet seats and so much more. Plastic pollution is pervasive in Earth's oceans.