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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

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

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

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

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

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


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

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.  

P&I Clubs Welcome Changes on Container Weighing

UK P&I Club, a shipping protection and indemnity mutual insurers, and TT Club, an  international transport, freight and logistics insurance provider, have welcomed the amendment to the Safety of Life at Sea Convention (SOLAS) from the International Maritime Organization (IMO) on the

House Bill Introduced to Block Arctic Drilling

Jared Huffman (Official photo)

Rep. Huffman introduces Stop Arctic Ocean Drilling Act; bill would prohibit oil and gas leasing in the Arctic Ocean   U.S. Congressman Jared Huffman (Dem.-Calif.) introduced a bill Monday called the Stop Arctic Ocean Drilling Act of 2015

Atlantis Chief Joins Ocean Energy

Tim Cornelius. Pic by Atlantis Resources Limited

 Tim Cornelius, CEO of global tidal developer Atlantis Resources has taken a seat on the Board of Directors of Ocean Energy Europe – the industry group for ocean renewable energy – by becoming a Lead Sponsor of the organisation.   

East-West Shippers' Contract Rates Falling -Drewry

Ocean freight rates for cargo moving under contracts on the major East-West routes have seen a sharp reduction since the beginning of the year, according to Drewry’s Benchmarking Club, a closed user group of multinational retailers and manufacturers who closely monitor their contract freight

'Blue' Economy Ocean Industries & the Next 50 Years

Chemical tanker leaving  Cape Town.

“Sustainable development” has gone from buzz word to business imperative in the two decades since the initial Earth Summit in Rio de Janeiro in 1992. Companies are increasingly evaluated on how well they address sustainability as a critical measure of their commitment to the triple

UK P&I Club's West Africa Piracy Guidance

uk p&i club logo.jpg

UK P&I Club provides practical guidance to Members in relation to piracy in West Africa. Stuart Edmonston, Head of Loss Prevention, says: “We have seen a sizable shift in pirate activity, from Somali to West Africa, and are witnessing an increase in incidents particularly offshore

UN Conference on Climate Change - ENMC declaration

Logo: ENMC

 Maritime activities have become one of the major and accelerating driving forces of this world and the main lever of European economic growth, thanks to the boom of traditional fields such as maritime transportation, fisheries, offshore oil & gas

Video: Mega Sailing Ship Docks in Greece

Photo: Konstantinos Mil. Anagnostou

One of the largest sailing ships in the world, the 636-foot-long Club Med 2 is a huge five-masted cruise ship owned and operated by Club Med. The impressively massive vessel recently called the port of Chios Island Greece, where Konstantinos Mil

Port Monitors Impact of Ship Noise on Whales

Photo: Port Metro Vancouver

Underwater listening station launched to better understand impact of ship noise on at-risk whales   Underwater noise has been identified as a key threat to at-risk whales. In order to better understand and manage the impact of shipping activities on whales throughout the southern coast of

TOTE Shifts Maritime Companies under Unified Brand

Photo: TOTE Maritime

U.S. Jones Act carrier TOTE announced it has shifted operating companies Totem Ocean Trailer Express and Sea Star Line, respectively serving the Alaskan and Puerto Rican/Caribbean markets. Going forward, the companies will be known collectively as TOTE Maritime.

Security in the Indian Ocean Fragile -MAST

The security situation in the Indian Ocean could quickly change for the worse, according to maritime security company MAST.   Gerry Northwood OBE, COO of MAST, said, “For commercial shipping, the Indian Ocean is arguably the safest ocean on the planet

Collaboration Key in MV Smart Wreck Removal

(Photo: North P&I Club)

Titan Salvage, now a part of Ardent following completion of the merger of Titan and Svitzer Salvage, has completed the removal of the wreck of the cape-size MV Smart coal carrier in South Africa, an especially challenging project due to weather conditions that prevail on the South African coast

Richmond Now Destination for CMA CGM

Photo: CMA CGM

 CMA CGM has signed an agreement with the Port of Virginia to add the Port of Richmond as a destination for shippers booking cargo on its ships.   The Port Virginia announced a cooperative effort with ocean carrier CMA CGM that will greatly enhance service at the Port of Richmond

Thomas Miller Awards Robin Travis Scholarship

Tobias Rennekamp

  The UK P&I Club one of the leading shipping protection and indemnity mutual insurers,  has awarded Tobias Rennekamp the  Robin Travis Scholar for 2015. Tobias will spend three months in the Thomas Miller London office and the offices of selected lawyers, surveyors

Swedish Club 1H post $ 6.3 mln Deficit


  In the first six months of the accounting year 2015 the Swedish Club made a deficit of USD 6.3 million. The result was affected by lower returns from both the technical- and non-technical accounts.   Underwriting performance registered a combined ratio of 112% but remains slightly

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