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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


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


Swedish Club: Stability In Stormy Markets

While the impact of poor freight rates and low oil prices have been felt in all quarters of the Scandinavian maritime industries, the region's hull underwriters and P&I Clubs continue to benefit from the relatively strong domestic shipping and energy sectors. Scandinavian marine insurers have demonstrated resilience in challenging market conditions. The global hull market remains in a downswing of unusual severity. As for the P&I sector, the past 12 months have had a nervous character


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


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


Fit for Sea Medical Program Tests 300,000th Applicant

Lady engineer: File photo

The UK P&I Club informs that its Pre-Employment Medical Examination Programme, claimed to be the world’s leading scheme for assessing the fitness of prospective seafarers, has just completed its 300,000th examination.

 For the past 18 years


TT Club Signs Partnership in The Philippines

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Specialist transport insurance provider, TT Club has appointed a network partner in The Philippines.  Del Rosario Pandiphil Inc. becomes the seventh such partner that the international logistics and freight handling insurer has in the Asia-Pacific region


ONR Researchers Explore a Changing Arctic

Photo by Bill Shaw, Naval Postgraduate School

As sea ice continues to recede at a record pace in the Arctic, officials at the Office of Naval Research (ONR) on April 14 announced new efforts to determine the pace of change in what some are calling Earth's final frontier. Scientists sponsored by ONR have traveled to the Beaufort Sea in the


Maersk Line named race partner for the Volvo Ocean Race

The world’s largest container shipping company, Maersk Line, is the official shipping partner for the Volvo Ocean Race, the pre-eminent round-the-world yacht race. The race takes place from 4 October 2014 to 27 June 2015. During the nine month race, seven 65-foot (19


Denmark Updates Insurance Claims Requirements

Ships without P&I insurance for maritime claims must inform the Danish Maritime Authority about their insurance Danish ships with a gross tonnage of or above 300 without a Certificate of Entry in a P&I Club from the international group of P&I clubs must inform the Danish Maritime


TT Club Strengthens Middle East Presence

Julien Horn

Specialist freight transport insurance provider TT Club said it is reinforcing its presence in Dubai with a move which aims to support the Club’s existing claims team in the UAE and underlines the insurer’s commitment to what is a dynamic region and provides an additional service level


Royal Australian Navy Chairs Indian Ocean Symposium

IONS: Photo credit RAN

The Royal Australian Navy is currently chairing the group of world navies whose nations share boundaries with the Indian Ocean at he biennial Indian Ocean Naval Symposium (IONS) which was established in 2008 as a forum to increase maritime cooperation among the littoral states of the Indian Ocean


Growth for the Swedish Club

Lars Rhodin

The Swedish Club announced to its board today a significant increase in financial strength, with a positive underwriting outcome and investment earnings leading to a surplus of $17 million overall - a testament to the strategy of diversification and focused business development


Crane Barge Delivered to Stevens Towing

Photo: The Shearer Group

Bos Smith, Vice President, Operations, with Stevens Towing Co., Inc., Yonges Island, S.C., announces the delivery of Ocean Ranger, a 200’ X 72’ X 14’ ABS-classed floating crane barge. Stevens Towing, operating Ocean Ranger under Charleston Heavy Lift


Ocean Osprey is Ready to Serve in Norway

Ocean Osprey (Photo: Zamakona Yards)

Zamakona Yards announced that the newly built vessel Ocean Osprey arrived to Scotland last week to soon begin operating in the Martin Linge offshore oilfields to support the works of Norwegian company Total E & P. Ocean Osprey was launched January 31 at Zamakona’s facility in Pasajes


Presentations Illustrate Dimensions of Accurate Marine Mapping

The Ocean Dimensions animation helps users visualize how ocean data can apply to several dimensions

Two new products—the Ocean Dimensions animation and Crowded Ocean Spaces: A 3D View visualization—explain why two-dimensional marine maps cannot tell the whole story. Understanding this fact helps viewers gain a more accurate picture of marine-siting conflicts and compatibilities


Seminar Stresses Port Security to Reduce Stowaways

Port facilities need to further strengthen their capacities for surveillance and access control, in order to reduce the incidence of stowaways, participants at a regional seminar on stowaways in West and Central Africa agreed. The IMO Regional Seminar on Stowaways in West and Central Africa:


Northern Sea Route Usable 125 Days by 2050: New Report

Frontispiece image credit IPCC

The recently released Inter-governmental Panel on Climate Change (IPCC) report – ' Climate Change 2014: Impacts, Adaptation, and Vulnerability' – finds that the effects of climate change are already occurring on all continents and across the oceans


Suez Canal Security Alert

Suez Canal transit: File photo

The US Coast Guard recently issued ‘Marine Safety Information Bulletin 04-14’ (MSI 04-14), which details a number of incidents in which threats and an alleged act of sabotage were perpetrated by Suez Canal Port Authority workers against the crews of ships which refused to provide them


TT Club Pinpoints Risks for Logistics Operators

Phillip Emmanuel

The overwhelming majority of insurance claims analysed by TT Club have showed that costly damages and loss, as well as serious bodily injury can be prevented or significantly minimised by sensible and concerted risk management efforts. Speaking at this week’s TOC Container Supply Chain


 
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