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.
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.
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 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
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 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, 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.
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
Global surface warming has slowed since the start of the twenty-first century, while Pacific heat uptake was enhanced. Analyses of ocean heat content suggest that the warm water was transferred to the Indian Ocean, through the Indonesian straits, reports "Natue".
Blue Ocean Monitoring enters into strategic alliance with Sea Technology Services Blue Ocean Monitoring (BOM) announced that it has entered a strategic business alliance agreement with Sea Technology Services (Pty) Ltd (STS). Under the alliance
Dry bulk shipping firm Golden Ocean reported first-quarter earnings below forecasts on Thursday and said its market had gone from "bad to worse" with market conditions not seen in three decades. Golden Ocean, controlled by shipping tycoon John Fredriksen
John Wiik to step down as CEO of Norwegian Hull Club, passing the reins to Faz Peermohamed The Norwegian Hull Club announced that John Wiik will step down as CEO on January 1, 2016. Filling Wiik's role will be Faz Peermohamed, the club announced
U.S. Maritime Administrator, Paul “Chip” Jaenichen will close the "Safety at Sea" National Maritime Day Seminar hosted by North American Marine Environment Protection Association (NAMEPA). The seminar, to be held May 21 at the National Press Club from 2-5:30 p.m
The U.S. Energy Department said Thursday it has given the final approval for Dominion Resources to export liquefied natural gas (LNG) from its Cove Point, Maryland plant. The Cove Point plant is investing $3.8 billion in new infrastructure to ship up to 0
A week before Indian Prime Minister Narendara Modi is set to visit the country, China said it was ‘eager to cooperate’ with India on deep sea mining in the Indian Ocean, reports Press Trust of India. China's sweetheart deal is to break through India's resistance to its
Norwegian shipping company Atlantic Offshore A.S. took delivery of new offshore multipurpose vessel Ocean Falcon from Zamakona Yards at the builder’s facilities in Pasajes, San Sebastián. Ocean Falcon is the third and final vessels in a series built by Zamakona for Atlantic
International freight insurer TT Club convened a special seminar at the recent conference on transport and logistics, Trans Russia in Moscow. Lead by TT Club’s General Manager, EMEA, Kevin King and Kirill Berezov from the insurer’s long-established Russian network partner
In an initiative to raise awareness of potential hazards at sea, The Standard Club and the International Chamber of Shipping (ICS) have joined forces to launch a ‘Spot the Hazard’ competition open to any seafarer worldwide
The Steamship Mutual Underwriting Association (Bermuda) achieved a combined ratio of 78.6% for the 2014-2015 policy year, one of the strongest results in its 100-plus years of existence. Free reserves increased by US$75 million to US$376
The Boaterz ‘n Bikerz Hull of a Tour² launch of “The Freedom Ride” throttled forward yesterday from Freedom Boat Club’s Marina Jack location in downtown Sarasota, FL. The nine-day, 2000-mile motorcycle and boating tour attracted 30 members of the
On Tuesday, 19 May 2015 the research icebreaker Polarstern will leave its home port in Bremerhaven, setting a course for the Arctic. Led by Dr Ilka Peeken from the Alfred Wegener Institute, Helmholtz Centre for Polar and Marine Research (AWI) a team of 53 researchers from 11 countries will
Maritime software solutions provider Oceans HQ Ltd has announced a partnership with the Gibraltar Ship Registry (part of the Gibraltar Maritime Administration), ahead of new STCW requirements for online access to seafarer certification data which come into force in 2017.
Annual Maritime Professional Training scholarship program to provide local Boys & Girls Clubs of Broward County youth with opportunity to explore career in the professional maritime sector; grant to cover all necessary funding and associated costs for recipients to pursue their studies