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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


Glencore to Lift Iranian Fuel Oil at Bandar Mahshahr

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


Limit Exposure with the Uniform Commercial Code

DeMarcay

Demanding assurance pursuant to the UCC may save you from sinking on someone else’s ship. Vessel operations require a large network of companies that come together to keep the entire business chain – including yours – running smoothly


Voyager IP Launches Prepaid VSAT and IT Scheme

A new scheme by marine broadband solutions company Voyager IP aims to alter the way customers can keep track of their VSAT and IT support services.   The Irish-based company has launched a points-based system where customers will be able to purchase service and support credits in advance


Saudi Arabia, Bahrain Ban Iranian Ships From Ports

Saudi Arabia and Bahrain have banned Iranian-flagged vessels from entering their waters and imposed other shipping restrictions, according to ship insurers citing local reports, potentially escalating tensions between Tehran and Riyadh.  


Green Signal for Iranian Tankers in European Ports

Image: National Iranian Tanker Company

 The Mehr News Agency reports that the British Lloyd's Register Group has canceled one sanction against Iran’s oil industry by issuing certificates for commute of Iranian oil tankers to the ports and oil terminals of European Union.  


Insurer Caution to Slow Oil Tanker Market's Return to Iran

Foreign oil tanker owners are expected to make a slow return to Iran despite the lifting of many sanctions as insurers tread carefully, leaving shipping players unwilling to pick up cargoes as quickly as Tehran has wanted.   A nuclear deal between world powers - known as the P5+1 - and


RINA to Start Classifying Iranian Ships in Weeks

Italy's RINA expects to start verifying safety and environmental standards for Iranian ships including oil tankers in a matter of weeks, the classification society said, stealing a lead on rivals as business interest in Iran heats up.  


Kuo Oil Looks to Lift Two Iranian Fuel Cargoes

U.S. lifts 2012 Iran sanctions against three trader companies; Kuo Oil seeks to load two Iranian fuel oil cargoes. Kuo Oil, a Singapore-based oil trading company, is seeking ships to load Iranian fuel oil, according to a shipping broker report, now that it is finally clear of U.S


Vale: 200,000 Tns/Day of Iron Ore Halted at Tubarão Port

The court-ordered closure of miner Vale SA's Port of Tubarão in Brazil has blocked the loading of some 200,000 tonnes of iron ore per day, the company said in a Friday statement.   The court order, issued on Thursday due to pollution concerns, is also blocking access to 44


Iran Plans Listing NITC to Fund Fleet Modernization

Photo: NIOC

Iran plans to list its national tanker company to raise badly needed cash to upgrade its massive fleet and replace older vessels, as the middle east country prepares for an aggressive return to the global oil market.   The country emerged from years of economic isolation last weekend after


Global Insurers Plot Cautious Course to Iran

Image - Iran Photo OPEC

* Iranian insurers see tie-up interest from foreign players * Local insurance market worth $7.4 bln in premiums * Iranian players seeking credit ratings to help partnerships * Caution remains over U.S. restrictions still in place By Bernardo Vizcaino and Carolyn Cohn


ICTSI Wins “Best Corporate Bond” Award

Rafael D. Consing Jr., ICTSI Senior Vice President and Chief Financial Officer, accepted the award Photo ICTSI

International Container Terminal Services, Inc.’s (ICTSI) US$450 million perpetual capital securities issue was recently recognized as the Philippines’ best corporate bond at the The Asset Triple A Country Awards 2015.  ICTSI issued last August the well-structured perpetual


Insurance Snags May Impede Iran Oil Exports

Efforts by Iran to start exporting oil to Europe are being held up as foreign tanker owners are still struggling to secure insurance for cargoes, leading shipping players said on Tuesday. A nuclear deal between world powers and Iran earlier this month led to the removal of curbs on Tehran's


GAC’s Meena Wins IMC Golden Shield Award

Meena Mathews with the award Photo courtesy GAC

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.


Iran Slowly Offloads Stockpiled Oil

Iran is slowly winding down stocks of oil stored on tankers close to its shores and the process is likely to take longer than Tehran had wanted, despite the lifting of international sanctions this month. The pace of sales taken from floating storage highlights the difficulties Iran is facing






 
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