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 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
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.
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
Despite historic lows in traditional oil and gas energy markets, research and develoment continues in earnest on a number of projects designed to produce green energy. The latest, an Ocean Thermal Energy Converter (OTEC) from KRISO, received Approval in Principle from classification society Bureau
Mission to educate the public about the benefits and opportunities in the marine industry Carleen Lyden-Kluss, Chief Executive Officer of Morgan Marketing & Communications, along with RADM Cari B. Thomas of the United States Coast Guard were recently appointed IMO Maritime Ambassadors by
Anglo-Swiss commodity trader Glencore has chartered a ship to load Iranian fuel oil at the Iranian port of Bandar Mahshahr in a move that signals the return of legitimate Iranian crude and oil products to international markets. The Greek-owned vessel, Green Warrior
Exceeding critical temperature limits in the Southern Ocean may cause the collapse of ice sheets and a sharp rise in sea levels A future warming of the Southern Ocean caused by rising greenhouse gas concentrations in the atmosphere may severely disrupt the stability of the West Antarctic Ice
Ocean Yield ASA has agreed to certain amendments to the charter agreements with Höegh Autoliners (Höegh) for four PCTC vessels on long term charter. Ocean Yield currently has two newbuilding PCTC vessels of 8,500 CEU capacity under construction at Xiamen Shipbuilding
Despite protection and indemnity (P&I) Clubs announcing that they are trying to achieve on average 2% increases in premium, ship owners with good records can look forward to reductions in premiums for P&) insurance at the 2016 renewals, according to Willis Group Holdings
Ocean freight rates for cargo moving under contracts on the major East-West trade routes saw another reduction in the last quarter of 2015, according to Drewry’s Benchmarking Club, a closed user group of multinational retailers and manufacturers who closely monitor their contract freight
Eyeing expanding global cruise market, four of Carnival Corporation’s 10 brands prepare to add new ships in 2016 Carnival Corporation & plc will launch four new ships in 2016 across four of its global cruise brands. These additions are part of the 17 ships scheduled for delivery
Icebergs the size of Singapore could be playing a bigger role in how much carbon the Southern Ocean absorbs than previously thought, a new study says. Icebergs that break off Antarctica could account for twice as much carbon dioxide stored in the Southern Ocean than previously
Amazon.com Inc's China arm has registered as an ocean freight forwarder, according to the U.S. Federal Maritime Commission, a move that will give it more control over shipping products from Chinese factories to U.S. shoppers. The registration is the latest indication that Amazon plans to
Japanese buyers of Iranian crude will have to keep using special sovereign shipping insurance to import oil for the foreseeable future, despite the lifting of sanctions against Tehran, industry and government sources said on Monday. Shippers face uncertainty over whether they can get coverage
The world’s oceans could contain more plastic than fish by 2050 if current business practices are continued, according to a report released by the World Economic Forum (WEF). Researchers warned 8 million metric tons of plastics currently find their way into the ocean
CMA CGM is offering more Reunion Island services as it positions the French department to be its hub in the Indian Ocean. CMA CGM presented its new strengthened services offer linking the Reunion Island during the inauguration of the Group’s new offices, on Tuesday 26th January
The International Maritime Club presented Meena Mathews, GAC’s Regional P&I Manager for the Middle East, with its Excellence in Marine Claims Management accolade at the IMC Excellence Awards ceremony at the Ocean Blue in Sharjah, UAE, this week.
North P&I Club Warns on Downsides of "Big Data" on Ships There is no question that the era of "Big Data" -- and all that those two words encompass -- will be transformational in the maritime market for the coming generation