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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. (the Bermuda Club) to “Positive.”  This upgraded ‘Positive’ outlook also extends to the Europe Club.   As part of an internal reorganisation ahead of the introduction of Solvency II regulations, the Europe Club will become the group’s main provider of direct insurance from February 2013. In its review, Standard and Poor’s recognized the upcoming change and stated that it considers the Europe club to be “core to the group”. Hugo Wynn-Williams, Chief Executive of Thomas Miller P&I, the UK P&I Club’s managers, said: “Recognition for both UK Club entities with the same, positive credit rating is welcome.  The Club has worked to maintain balanced underwriting and a strong capital position in an environment of rising claims costs and volatile investments.”     


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 SYDNEY/LONDON, Jan 24 (Reuters) - Global insurance firms are circling Iran for business opportunities following the lifting of sanctions - and the first test of their appetite could come in March when some Iranian


Singapore –Bunker Insurance

Singapore –Bunker Insurance The Singapore Maritime and Port Authority (MPA) issued a circular providing the names of additional insurers and underwriters that it has accepted for purposes of issuing Bunker Convention Certificates. The insurers and underwriters include: ·         QBE Insurance (International) Limited ·         British Marine Luxembourg S.A.


New Insurance Product Attracts Quality Crew

Robert Johnston

In the superyacht industry, it is particularly well understood that good relationships between owners and their crew have a direct impact on how well yachts are run, and the quality and consistency of the charter service offered. An important new insurance product, Crewsure Marine, which assists owners and managers in protecting the health and wellbeing of their crews and so meets forthcoming legal obligations under the recently ratified Maritime Labor Convention (MLC) is now being aimed at


XL Offers KRE Cover to Yacht Owners

Denise Balan

  To help yacht owners navigate increasingly risky waters, XL Group is adding a Kidnap, Ransom & Extortion (KRE) Crisis endorsement to ShipShape, and ShipShape Plus, its recreational marine insurance coverages. "Crisis events like kidnapping, disappearance and hijack are increasingly real threats, especially on open seas," explained Denise Balan, Country Manager of XL's US Crisis Management business which developed the KRE endorsement


Merchant Ships off Yemen Bracing for More Danger

USS Mason (File photo: U.S. Navy / Rob Aylward)

Missile attacks from Yemen on Western military craft risk spilling over into nearby busy sea lanes which could disrupt oil supplies and also other vital goods passing through the tense area, shipping and insurance sources say.   While shipping companies have yet to divert ships, there are growing worries that any further escalation could hinder oil supplies and potentially lead to higher insurance costs for shipments.  


Personal jurisdiction, Venue, Insurance, Co-insurance, Salvage, and Subrogation

The U.S. Court of Appeals for the Fifth Circuit issued a long decision regarding a lengthy and complicated litigation involving personal jurisdiction, venue, cargo insurance, co-insurance, salvage, and subrogation. Adams v. Unione Mediterranea di Sicurta, No. 03-30026 (5th Cir., April 14, 2004.) (HK Law) http://www.ca5.uscourts.gov/opinions/pub/03/03-30026-CV0.wpd.pdf


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


General Maritime Q1 2010 Results

General Maritime Corporation (NYSE:GMR) reported its financial results for the three months ended March 31, 2010. Financial Review: 2010 First Quarter The company recorded a net loss of $9.1 million or $0.16 basic and $0.16 diluted loss per share for the three months ended March 31, 2010 compared to net income of $18.9 million or $0.35 basic and $0.34 diluted earnings per share for the three months ended March 31, 2009


MN 100: Gencorp Insurance Group

Carnahan.jpg

16 Main Street East Greenwich, RI 02818 Telephone: 401 336 2182 E-mail: rcarnahan@gencorp-ins.com Website: www.gencorp-ins.com CEO/President: Robert G. Padula Number of Employees: 70 The Company: Gencorp Insurance Group provides the insurance and surety needs of marine contractors, vessel operators and shipyards throughout the country and Caribbean. Gencorp’s Marine Group facilitates the coverage placement and claims settlement for all insureds


Great Ships of 2016: Ternsund

(Photo: Tärntank Ship Management AB)

Since it started publishing in 1939, Maritime Reporter & Engineering News has recognized excellence in ship construction. This year 18 ships in total were honored, including many “world firsts.”   Ternsund - LNG fueled tanker with Direct Drive Permanent Magnet Shaft


APM Terminals Mumbai Mulls DPD Service

Photo: APM Terminals

 APM Terminals Mumbai, India’s busiest container terminal, has embraced ‘Direct Port Delivery’ (DPD)service initiated by the Indian government as part of its “Ease of Doing Business Program” to enhance India’s access to the global logistics chain. 


Six Rescued from Grounded vessels

MH-65 Dolphin helicopter Photo Coast Guard

The Coast Guard rescued six people from grounded vessels in Atchafalaya Bay, Louisiana, Saturday. At 2:35 p.m. watchstanders at Coast Guard Sector New Orleans received a report from a private helicopter of a 17-foot johnboat with three people on board that was taking on water in the Atchafalaya


American Hellenic Insures 1,000 Vessels

Photo: American Hellenic Hull Insurance Company

 American Hellenic Hull Insurance Company (AHHIC) has already provided cover for 1,000 vessels managed from Europe, the Americas and Asia, said said Vincent Solarino, Chairman of the Board of Directors of AHHIC and President and COO of Shipowners Claims Bureau, managers of the American Club.


Market Forces Down Ship Operating Costs

© chrisberic / Adobe Stock

 The cost of operating cargo ships has fallen for two successive years but is forecast to rise in 2017 and beyond, according to the latest Ship Operating Costs Annual Review and Forecast 2016/17 report published by global shipping consultancy Drewry.  


APL launches New Zealand Express II Service

NZ2 – New Zealand Express 2

APL launched a new weekly service with direct connection between New Zealand and North Asian ports: the New Zealand Express II (NZ2) service. “APL introduced the new NZ2 service to serve the China-New Zealand market in a direct and more efficient way


ZIM to Enhance its Atlantic Network

Photo: ​ZIM Integrated Shipping Services Ltd

 ​ZIM Integrated Shipping Services Ltd (ZIM)  has announced a significant upgrading of its Atlantic network, offering improved connections between US, Canada and the Mediterranean, starting April 2017, subject to FMC approval.  


THE Alliance, Hapag-Lloyd Enhance Network

Map: Hapag-Lloyd

 THE Alliance and Hapag-Lloyd have announced our new enhanced port coverage in the Mediterranean - North America market.    "Further to THE Alliance port coverage of the AL7 service, we are pleased to inform you that Hapag-Lloyd will continue our well-established cooperation


DryShips Completes Registered Direct Offering

Courtesy DryShips Inc.

DryShips Inc.announced that it has completed the previously announced registered direct offering of 100,000 newly designated Series E-1 and E-2 Convertible Preferred Shares and Warrants, in which the Company raised gross proceeds of approximately $100


Indian Ports to Implement RFID

Photo: Indian Ports Association

 All Major Ports have been directed to implement the Radio Frequency Identification (RFID) system to track the movement of men, materials and vehicles within the port premises on real time basis.    Implementation of RFID system will eliminate manual checking of documents at port


Renewal Time for CLC, Bunker, Athens and WRC Certificates

Photo: Danish Maritime Authority

 Time has come for most shipowners to apply for renewal of their CLC, Bunker, Athens and Wreck Removal Certificates from the Danish Maritime Authority. Certificates must be renewed when the underlying insurance expires.   Ships subject to a requirement for a certificate are not allowed


CMA CGM PAD Service to Add a Direct Call at Brisbane

Map: CMA CGM

 CMA CGM has informed that Brisbane, Australia, will be added to the rotation of its PANAMA DIRECT (PAD) service as from m/v HARMONY N voy. 081RPS-082RPN, ETA Brisbane on February 1st, 2017.   This new call will allow PANAMA DIRECT to become the only direct service connecting North


CMA CGM Launches Direct Asia Service from New Orleans

Photo courtesy Port NOLA

 France-based CMA CGM today announced a new direct weekly container service to Asia from the Port of New Orleans Napoleon Avenue Container Terminal. Part of the company’s PEX3 service, the inaugural vessel is scheduled to arrive on January 31 for service by terminal operator Ports


Iranian Fleet Regains P&I Insurance

Pic: Islamic Republic of Iran Shipping Lines

 A large portion of Iran’s shipping fleet has regained Protection & Indemnity (P&I) insurance from Steamship Mutual, reports Mehr News Agency. Steamship Mutual, said in a statement that a considerable number of Iranian vessels have taken out insurance form the company.


The American Club Celebrates Its Centenary

	Joe Hughes, Chairman and CEO of the American Club’s managers, Shipowners Claims Bureau, Inc. (Photo:  American Club)

The American P&I Club was founded in New York nearly a century ago. To celebrate its first 100 years, a book entitled The American Club: A Centennial History has just been published.   The book tells the story of the Club across ten decades of maritime and marine insurance history both






 
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