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
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
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 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
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
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.
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
International Maritime Solid Bulk Cargos (IMSBC) Code pocket checklist will be available at Marintec 2013 next week. Lloyd’s Register, UK P&I Club, and Intercargo produced a pocket guide and checklist earlier this year for ships’ officers and agents who arrange cargos for loading
Planet Ocean inform that they are supporting the UK Met Office and Plymouth Marine Laboratory to gather real-time Met-Ocean Data with their AXYS Watchman (WM-500) data acquisition and telemetry systems. The WM-500 can be configured to control a large variety of
In a speech to be given at the TOC Container Supply Chain: Middle East Conference on December 9, Andrew Kemp, Regional Director EMEA of the freight transport insurance specialist TT Club will warn of the additional liability that freight forwarders and other logistics operators are open to as a
The American P&I Club is reorganizing its underwriting and business development functions into a regionalized structure comprising the Americas, EMEA (Europe, Middle East, Africa), South and Southeast Asia, and Greater China and North Asia.
With the arrival of MOL Caledon, DP World’s London Gateway received its first scheduled ship call last week. Specialist freight transport and cargo handling insurer, TT Club provides the liability cover for the U.K.’s newest container terminal.
The Marine Spill Response Corporation (MSRC) has entered an exclusive contract with Ocean Imaging Corporation for cutting edge remote sensing capability. Ocean Imaging will provide its proprietary aerial surveillance technology as part of MSRC's overall strategy for enhancing the ability to
An Iceberg, the size of Manhattan in area, was derived from the Pine Island Glacier, and is currently moving through the Southern Ocean. To keep track of its movements and melting Professor Grant Bigg of UK's University of Sheffield has been awarded a £50
The first group of candidates has successfully completed the full Protection and Indemnity Qualification (P&IQ). The examination program was launched in 2010 by the International Group of P&I Clubs (IG) to support education in P&I insurance
The unprecedented rate of ocean acidification is one of the most alarming phenomena generated by climate change and the only way to mitigate the dangers it represents consists in reducing CO2 emissions significantly. This is the conclusion of the summary of the Third Symposium on the
The Marine Spill Response Corporation (MSRC) announced an exclusive contract with Ocean Imaging Corporation for cutting edge remote sensing capability. Ocean Imaging will provide its proprietary aerial surveillance technology as part of MSRC’s overall strategy for enhancing the ability to
The London P&I Club says that a recent analysis of collision cases has highlighted the effect complacency has on casualties. The club recently undertook a ‘root cause’ analysis of collision cases, which concluded that the majority could be categorised as human error
The International Propeller Club honors Captain Goben in recognition for his service to the maritime industry Captain Richard Goben, Port Captain of Hornblower Cruises & Events in San Diego, received an international maritime award at the 87th Annual Convention and Maritime Industry
Charterers face significant liabilities, even where shipowners have their own P&I covers, reminds the UK P&I Club and should be properly insured. Liabilities to shipowners, cargo owners and third parties may be contractual (e.g. breach of charter-party) or non-contractual (e.g
The risk of collision at sea is a hazard to which all shipowners and seafarers are exposed, regardless of ship type or trading area. The International Regulations for Preventing Collisions at Sea (COLREGS) provide a complete code that, if properly understood and applied
When it came to the hull coating for its newest tug, the TundRA 100, the most powerful harbor tug ever to be built in Canada, Group Ocean chose Ecospeed, a nontoxic, hard, long-lasting coating with very high abrasion resistance, suited to tugs and to ice-going vessels of all types.