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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.


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


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.


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


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


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


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.  


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


Researchers Prepare Oceanic Trash Clean-Up Plan

Researchers returned on Sunday from mapping and sampling a massive swirling cluster of trash floating in the middle of the Pacific Ocean, as the Dutch-borne crew works to refine a clean-up strategy it will roll out globally. The crew of the Ocean Cleanup, backed by volunteers in sailboats


The Lowdown on Ocean Acidification

The two globes illustrate the changes in ocean acidification that are expected as the ocean continually absorbs carbon dioxide from the atmosphere. Green areas are sufficiently saturated with aragonite to support shell formation; areas colored yellowish-brown are under-saturated, and shell dissolution occurs. The climate model shows the change in ocean aragonite saturation from 1885 to what is expected in 2094. (Image: NOAA)

Scientists say that the world’s oceans are acidifying.  This term is correct, but somewhat misleading.  Until recently, the oceans have had (so far as can be determined) a pH level of about 8.4 for millennia.  A pH of 7.0 is neutral


US Ocean Economy Sees Large Growth -NOAA

File photo: Tauri Minogue

In 2012, U.S. ocean and Great Lakes economy grew much faster than overall GDP   The U.S. ocean economy outpaced the domestic economy between 2011 and 2012, with an increase of $22 billion in gross domestic product, from $321 billion to $343 billion


Marine Claims & Casualty Investigation Conference

  HINODE Maritime Events is conducting the "Conference on Handling Marine Claims and Investigating Marine Casualties". According to the organisers, the program which is scheduled to be held on Wednesday, September 2, 2015 at the Vivanta by Taj - President, Cuffe Parade


Theyr Debuts Weather, Ocean Forecasting App

Meteogram Displaying Point Specific Forecast Information for 6 Days

  Theyr Ltd, a premium weather-forecasting provider, specializing in the maritime and wind energy sectors, announced today the launch of its Digital Precision Weather and Ocean Forecasting app for the professional mariner, GRIBview mobile


Mersey Maritime, Liverpool Football Club at LISW15

LJMU logo

  Mersey Maritime, in association with some of its key members, is hosting what will be one of the most exciting events at London International Shipping Week (LISW15) on 9th September at The Walkie Talkie Building, 20 Fenchurch Street.  


DryShips Reaches Agreement with Ocean Rig

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DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its subsidiary, Ocean Rig UDW Inc., of off-shore contract drilling oil services, announced the following: It has reached an agreement with Ocean Rig UDW Inc


Climate Change Boosts Galapagos Penguin Population

A new study compared sea surface temperatures with endangered Galapagos Penguin population counts and found that the penguin population doubled while waters cooled around their nesting islands. (Courtesy of Snowmanradio/Flickr)

New study finds shifting winds and ocean currents helped double endangered Galapagos Penguin population   Shifts in trade winds and ocean currents powered a resurgence of endangered Galapagos Penguins over the past 30 years, according to a new study led by researchers at the Woods Hole


FMC Collects $1,227,500 in Penalties from NVOCC's

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Federal Maritime Commission Chairman Mario Cordero announced that the Commission has completed compromise agreements recovering a total of $1,227,500 in civil penalties.   The agreements were reached with seven non-vessel-operating common carriers (NVOCCs) and one vessel-operating common


Totem Inks LNG Conversion Deal with Keppel

Midnight Sun

  Totem Ocean Trailer Express announced that it has signed a contract with Keppel Offshore & Marine Ltd, wholly owned subsidiary Keppel Shipyard Ltd for the conversion of  the  Midnight Sun to dual fuel liquefied natural gas (LNG) propulsion


India, Mozambique to Boost Maritime Ties

Indian Prime Minister Narendra Modi and Mozambique President Filipe Jacinto Nyusi. Photo: Press Information Bureau

 India and Mozambique on Wednesday discussed ways to intensify cooperation in maritime security, ocean economy and defence as Prime Minister Narendra Modi held talks with Mozambique President Filipe Jacinto Nyusi in New Delhi.   "Africa and the Indian Ocean are among the highest


DryShips Misses on Revenue

Ocean Rig Corcovado and Ocean Rig Olympia naming ceremony at Samsung Heavy Industries. Photo by DryShips Inc

 The Athens, Greece-based DryShips reported a $1.44bn loss in the second quarter but delivered an operational profit that was in-line with expectations.   DryShips is an international provider of marine transportation services for drybulk and petroleum cargoes, and through its affiliate


Dryships Post 2Q Loss

George Economou, Chairman and Chief Executive Officer

  DryShips Inc. an international provider of marine transportation services for drybulk and petroleum cargoes, and through its affiliate, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results for the second


Panama Canal to Limit Cargo on Bigger Ships amid El Nino Drought

Image: Panama Canal Authority

 The Panama Canal Authority said that next month it will temporarily limit the amount of cargo for larger ships using the waterway because drought has lowered water levels in Gatun and Alhajuela lakes, reports AP.   Earlier there were reports that the size of ships will be temporarily


Arctic Drilling 'Not Worth the Risk' -Hillary Clinton

Hillary Clinton

U.S. Democratic presidential candidate Hillary Clinton said in a Twitter post on Tuesday that drilling for oil and gas in the Arctic Ocean was "not worth the risk." "The Arctic is a unique treasure," Clinton said. The Obama administration on Monday gave Royal Dutch Shell






 
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