Marine link
 

OCEAN CLUB

East-West Shippers see Acceleration in Container Contract Rate Cuts - Drewry

Photo AFP

Ocean freight rates for cargo moving under contracts on the major East-West trade routes fell by another 18% between February and May, according to Drewry’s Benchmarking Club, a closed user group of multinational retailers and manufacturers who closely monitor their contract freight rates. The Drewry Benchmarking Club Contract Rate Index, based on average Transpacific and Asia-Europe contract freight rate data provided confidentially by shippers, has now declined by 29% in the year to May, as shippers secured, first, big cuts in Asia-Europe annual contract rates and, second, considerable reductions in their transpacific rates effective from May. Drewry can confirm that it has also secured for shippers 30%+ reductions in contract rates for new contracts starting from the 2nd quarter via its new eSourcing Ocean Freight SolutionTM platform. “The price war between carriers in the container shipping market continues and this is, for now, resulting in substantial reductions in contract rates for exporters and importers buying under contract,” said Philip Damas, head of the logistics practice of Drewry. The specialised procurement consultant said that the number of companies in the Drewry benchmarking club has doubled in the year to May. “More and more companies are realising both the tactical and the ongoing management value of benchmarking both costs and carrier service features,” Damas added


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 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.


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


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.  


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


Swedish Club: Consistent Underwriting in Challenging Year

The Swedish Club reported to its board today that it has achieved a consistent 2015 underwriting performance with financial stability and cost-efficient quality services for its members. It delivered a balanced underwriting result, despite higher claims activity and increased volatility, and demonstrated a resilience that is underpinned by diversification in its product lines, based on prudent management, the Club announced.  


More Chinese Ships to Use Arctic Route

Photo:  LaRouche PAC

 China will send more ships flying its flag to take the Northwest Passage via the Arctic Ocean to cut travel times between the Atlantic and Pacific oceans, says the state news agency Xinhua.   The world's largest maritime carrier China COSCO Shipping Corporation will send more cargo


Ship of the Year Award for NYK Vessel

Image of LNG-fueled tugboat Photo NYK

Japan's first LNG-fueled ship, Sakigake, which is a tugboat owned by NYK has been recognized with a Technology Special Award at the 2015 Ship of the Year Awards sponsored by the Japan Society of Naval Architects and Ocean Engineers (JASNAOE)


Navig8 Acquires Chemical Tanker from STX

Photo Navig8

Navig8 Chemical Tankers Inc (the “Company”) (N-OTC: CHEMS), an international shipping company focused on the transportation of chemicals, today announced that it has taken delivery of the Navig8 Topaz, a 49,000 DWT IMO2 Interline-coated chemical tanker


Canada Embarks on Arctic Survey Mission

CCGS Louis S. St-Laurent  (File photo: Canadian Coast Guard)

Canada has launched its 2016 Arctic expedition to collect important scientific information to support the nation’s submission on the extended continental shelf in the Arctic Ocean. This year’s survey is a collaborative effort with Sweden


The American Club Reports Solid Progress in 2015

Arnold Witte (Photo: Donjon Marine)

The American Club reported solid progress during 2015 at the annual meeting of its members held in New York yesterday. Despite a challenging economic climate, the Club’s business developed respectably, and 2016 had started on a positive note.  


Freightgate Announces SOLAS VGM Compliance Solution

Image: Freightgate Inc

 Freightgate Inc announced an easy to use, integrated (SSO enabled) solution for International Shippers around the world to comply with the new IMO Requirement to certify VGM (Verified Gross Mass).    The new solution includes a plug-in that let’s you connect directly from


MAST, AMSA Partner for Risk Management Services

Phil Cable (Photo: MAST)

Maritime security company Maritime Asset Security Training (MAST) has announced their partnership with Astbury Marine Services & Associates (AMSA), a specialist shipping and insurance response business.   The combination of front-line experience and industry knowledge place MAST and


Emission Changing the Smell of the Sea

Image: University of Hull

Chemistry and biological science experts at the University of Hull, say increasing acidification of the world’s oceans has the potential to significantly disrupt the way marine life communicates, with yet unknown consequences for the ecosystem.


Maritime Piracy: More "sophisticated and prevalent” around Gulf of Guinea

(Source: Oceans Beyond Piracy)

While the matter of maritime piracy has seemingly subdued from its high profile peaks of a few years ago, Stuart Edmonston, Head of Loss Prevention at UK P&I Club, together with Hellenic War Risks and Terra Firma Risk Management, highlight the growth of piracy in the Gulf of Guinea and


OOI Community Workshop: Cabled, Endurance, and Station Papa

Credit OOI Cabled Array program and the Center for Environmental Visualization, University of Washington

The Ocean Observatories Initiative (OOI) infrastructure is operational and ocean scientists can now integrate OOI observations into their research proposals and projects. The UNOLS Ocean Observing Science Committee (OOSC) along with OOI’s Science Oversight Committee (SOC) are organizing a


Brexit – What Does it Mean for Shipowners' Club?

Photo: UK Chamber of Shipping

 “Uncertainty” has been a very well used word over the past week, following the result of the EU Referendum. The uncertainty that exists in British and European politics is only matched by the uncertainty that exists in British and European economics.  


Swedish Club Alerts on Black Sea Ports, Russia

The Swedish Club logo

 In view of the beginning new 'grain' season in Russia and the expected considerable export volume of grain cargoes this year there will be an increase of the vessel traffic in such areas as Port Kavkaz (STS operations of sea/ocean going vessels) and Kerch Strait (comparatively small


USCG Denies DESMI’s BWTS Test Appeal

Photo: DESMI

The U.S. Coast Guard has denied ballast water treatment systems manufacturer DESMI Ocean Guard’s appeal regarding the USCG’s initial decision to reject the use of the MPN test method in type approval testing of ballast water treatment systems.  


Global Tonnage Continues to Grow

Image: Gard

 2015 saw further growth in total Group entered tonnage, which increased from 1,047 billion GT as at August 2014 to 1,088 billion GT as at August 2015, says annual review of International Group P&I Clubs (IGP&I) published by Gard on July 14, 2016.  


Ocean Signal, AMI Marine Partner

Photo: Ocean Signal

Communication and safety at sea specialist Ocean Signal and manufacturer of marine electronic equipment AMI Marine have formed a new partnership to collaborate on product development for the large commercial vessel sector. Combining the specialist knowledge and extensive technical background of






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