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Chinese PM Inks 2 Agreements During CMA CGM Visit

Chinese Prime Minister LI Keqiang (left) with Jacques R. Saadé, Founder, Chairman and Chief Executive Officer of CMA CGM (Photo: CMA CGM)

The CMA CGM Group hosted the Chinese Prime Minister, the French Foreign Affairs Minister and a ministerial delegation at its headquarters in Marseilles, July 1, the global shipping company announced.   Chinese Prime Minister Li Keqiang was accompanied by France Minister of Foreign Affairs Laurent Fabius, the Minister of State for Foreign Trade Matthias Fekl and an important Chinese ministerial delegation during this visit. This delegation included the Chinese Foreign Affairs Minister Yi Wang, the Reform and Development Commission Minister Shaoshi Xu, the Trade Minister Hucheng Gao, the Chinese ambassador in France Jun Zhai, and the Consul General Jinsong Yu.   During this exceptional visit, two agreements strengthening the ties between the CMA CGM Group and China were signed by Jacques R. Saadé, Founder, Chairman and Chief Executive Officer of CMA CGM Group, Rodolphe Saadé, CMA CGM Vice Chairman, Doctor Hu, Executive Vice President China Merchants Group Limited and Liu Vice Chairman and Chairman of CEXIM:    The first agreement is for a partnership between China Merchants (CMHI) and CMA CGM to develop the strategic “One Belt, One Road” project, a strategy initiated by the Chinese government to develop many infrastructure and ports-related logistics projects. CMA CGM and China Merchants (CMHI) agreed on a common and primary interest


China Port Cargo Losses to Reach $1.5 bln

Explosions in the Chinese port of Tianjin last month would lead to cargo losses of at least $1.5 billion, and were having a "significant impact" on the marine insurance sector, a trade body said on Tuesday. "We are expecting to see cargo losses of at least $1.5 billion, with some reports stating that the final figure could be as high as $6 billion," Nick Derrick, chairman of the International Union of Marine Insurance's cargo committee, said in a statement.


Mitsui Marine, Sumitomo To Merge

Sumitomo Marine & Fire Insurance and Mitsui Marine & Fire Insurance have agreed to merge by April 1, 2002, in a move that would create Japan's largest non-life insurer. With combined assets of $51.7 billion, the merged company would outstrip current industry leader Tokio Marine & Fire Insurance, whose assets stand at $48.5 billion. Mitsui Marine is Japan's third largest non-life insurer, and Sumitomo Marine the fourth biggest.


UK P&I’s Europe Club Receives Upgrade

The UK P&I Club (the UK Club), one of the oldest shipping protection and indemnity insurance mutuals, has announced that ratings agency Standard and Poor’s has extended its ‘A – ‘ rating to The United Kingdom Mutual Steamship Assurance Association (Europe) Ltd. (the Europe Club).   This news follows the November announcement that Standard and Poor’s upgraded the outlook for The United Kingdom Mutual Steamship Assurance Association (Bermuda) Ltd


UK Defense Club Reports Strengthened Financial Position

The UK Defence Club, the provider of FD&D (legal costs) insurance to the maritime industry, announced its financial results for the year ending February 20, 2015.   According to the club, highlights include 3,700 ships covered, total assets of £56.5 million; combined loss ratio of 94 percent; free reserves £28.4 million; 167 million GRT, increase of five percent in owned tonnage; net claims incurred, including claims provision, increased to £13


Safe Harbor Pollution Insurance Broadens In-house Capacity

Safe Harbor Pollution Insurance broadens panel of security, increases marine pollution capacity    Vessel pollution liability insurance company Safe Harbor Pollution Insurance announced it has expanded its carrier partnerships to include Berkshire Hathaway Specialty Insurance Company (BHSI) and Argonaut Insurance Company.   With this expanded panel, Safe Harbor said it has more than tripled its in-house capacity


Maritime Character of Insurance is Determined by Examining Whole Policy

The U.S. Court of Appeals for the Second Circuit ruled that the maritime character of an insurance policy is determined by examining the entire policy, not just the portion involved in a dispute. In the instant case, a ship tank cleaning business (through its corporate parent) purchased insurance from defendant insurer’s predecessor in interest. The insurance contract contained a Shiprepairers Legal Liability (SLL) policy coupled with a modified Comprehensive General Liability (CGL) policy


Moore Stephens & Clyde & Co Set Up Insurance Intermediary Consultancy

Insurance accountant and consultant Moore Stephens has joined with international law firm Clyde & Co to provide specialist advice to intermediaries on all aspects of the authorization process and on continuing compliance with FSA requirements. The rigorous FSA regime comes into effect on January 15, 2005. Intermediaries have until July 14 this year to submit their completed registration packs to the FSA. The new rules are not voluntary


DeSimone Named President XL Insurance

XL Insurance, the insurance underwriting operations of XL Group (NYSE: XL), appointed Richard DeSimone as President of its US Ocean and Inland Marine unit. DeSimone will be based in New York and reports to Neil Robertson, Chief Executive, Global Specialty in London. ”This is a clear statement of our intent to become a more significant market for both Inland and Ocean Marine business in the United States” said Mr. Robertson


DSG Marine Asks Shipowners to Consider Fixed Premium P&I Cover

Photo courtesy of DSG Marine

P&I Insurance Seminar for Owners and Charterers held in Mumbai DGS Marine, a global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I Facility, has advised Indian shipowners to consider the benefits of fixed premium P&I cover. DGS Marine spoke at a P&I Insurance Seminar held in Mumbai, India last week and jointly hosted by DGS Marine Group and the British European and Overseas (BE&O) P&I Facility


World First: Greek Ship Owner Awarded Carbon Credits

Carlos Soler, AkzoNobel’s Business Director for Southern and Eastern Europe (left) presenting 13,735 carbon credits to Costas Mitropoulos Neda Maritime Co Ltd’s Technical Director (Photo: AkzoNobel)

Neda Maritime Agency, a  Greek tanker and bulker owner, has reportedly become the world’s first ship owner to be awarded carbon credits through a methodology developed by AkzoNobel’s Marine Coatings business.   A total of 13,375 carbon credits, potentially worth around $60


Iranian Tankers Free to Enter International Ports

Photo: National Iranian Tanker Company

 Restrictions on Iranian tankers’ insurance have been removed and the country’s crude carriers are now allowed to enter any oil terminal in the world, National Iranian Tanker Company (NITC)'s CEO Ali Akbar Safaee said.  


Salvage & Wreck Removal Conference Presents an Upbeat Mood

Salvage & Wreck Removal Conference Session in progress Photo JRF

The verdict at the 5th India Marine Salvage and Wreck Removal Conference of Hinode held this time in Mumbai last week was clear and unanimous. The presentations as well as the deliberations highlighted an upbeat atmosphere indicating the growing prospects for salvors on the India’s 7516 KM


This Day In Naval History: May 17

USS Roark (FF-1053). U.S. Navy photo by PHAN Burgess

1942 - USS Tautog (SS 199) sinks Japanese submarine I-28; USS Triton (SS 201) sinks the Japanese submarine (I 64), and USS Skipjack (SS 184) sinks a Japanese army transport ship.   1943 - Destroyers USS Moffett (DD 362) and USS Jouett (DD 396) sink German submarine U 128


Iran Seeks $2.5B to Modernize its Oil Tankers

(Photo: Greg Trauthwein)

Iran is seeking $2.5 billion investment to modernise its oil tankers fleet following the lifting of sanctions against Tehran, managing director of National Iranian Tanker Company (NITC) was quoted as saying by state news agency IRNA on Saturday.


Manage and Mitigate Risk on the Water

Tracy Markowski

Strengthening your marine insurance   Early in the morning on August 29, 2005, Hurricane Katrina struck the Golf Coast of the United States. Hurricane Katrina was the worst insured loss event in the history of insurance anywhere in the world. It was bigger than 9/11


XL Catlin Unveils Cargo Insurance Policy

Anne Marie Elder (Photo: XL Catlin)

XL Catlin’s Americas Marine business has introduced its first new marine product, an insurance policy to offer cargo insurance coverage on a domestic, foreign or worldwide basis.   According to Anne Marie Elder, Chief Underwriting Officer of XL Catlin’s Americas Marine business


ITIC to Pay Continuity Credit for 21st Year in Succession

Stuart Munro (Photo: ITIC)

For the 21st year in succession, International Transport Intermediaries Club (ITIC) is to pay a continuity credit to all those members who renew their insurance cover during the 2016 policy year, which begins on June 1, 2016.   The CEO of ITIC, Stuart Munro, explains


Italy to Supply Credit Lines, Guarantees to Boost Exports to Iran

Italy announced 4.8 billion euros ($5.45 billion) in credit lines and financial guarantees to relaunch exports to Iran, the Italian export agency said on Tuesday during Prime Minister Matteo Renzi's visit to Tehran.   Italy's state-run lender Cassa Depositi e Prestiti will offer credit


LOC, Studio Navale Canepa Join Forces

Courtesy LOC Group

Leading international marine and engineering consultancy LOC Group has announced a collaboration agreement with marine survey experts Studio Navale Canepa (SNC) of Italy. Together the two organisations are combining expertise and their global networks to offer unrivalled casualty services to the


LOC Group Partners with Studio Navale Canepa

Marine and engineering consultancy LOC Group and marine survey experts Studio Navale Canepa (SNC) have entered a collaboration agreement whereby the two organizations will combine expertise and global networks to offer casualty services to the Italian market.  


Faulkner Joins Braemar SA as Manager

David Faulkner Courtesy Braemar

Braemar (incorporating The Salvage Association) has appointed David Faulkner as ‘Manager, Ports and Harbours (Middle East)’. David is a Master Mariner and pilot and will be based in the Braemar SA Abu Dhabi office. He has extensive experience in providing specialist port


Moody's Dings Hurtigruten's Outlook Due to Newbuilds

(Photo Courtesy: Hurtigruten AS)

Moody's Investors Service, (Moody's) issued a press release affirming the B2 corporate family rating (CFR), B2-PD probability of default rating, and the B2 senior secured rating of Silk Bidco AS (Hurtigruten), the full owner of Norwegian cruise operator Hurtigruten  ASA


Strikes Cause Stoppage in Greek Ports

A 48-hour strike by the Seamen’s Union in Greece is expected to affect all domestic and local ferry routes as well as commercial vessels calling at Piraeus, Aspropyrgos, Eleusis, Pachi and Megara ports for cargo discharging, advises Inchcape Shipping Services (ISS).  


Iranian Maritime Knowledge Hub to Open

 The Iranian Maritime Industry Knowledge Hub will be soon opened up and ready to use by public in the area of shipping and offshore industry.   Reza Mohammad Alibeike, member of The Institute of Marine Engineering, Science and Technology (IMarEST), said






 
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