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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


MSC Enhances Transpacific Service

Map: Mediterranean Shipping Company

 Mediterranean Shipping Company (MSC) has announced the launch of its sixth service, named SEQUOIA, from Asia to the U.S. West Coast.   The new trade provides a direct connections from South China to Long Beach, as well as a shuttle service from South China and transit time of 12 days


Workboat vs. Jet Ski: A Mysterious Collision and Its Consequences

Randy O’Neill

As summer slowly fades to memory and commercial vessels have less frequent encounters with recreational vessels of all sizes, shapes and descriptions on America’s inland waterways, it might be a good time to review a strange, but not completely unusual incident that occurred in Louisiana on


2nd Asian Marine Casualty Forum Launched

FIRST ASIAN MARINE CASUALTY FORUM A HIGHLIGHT OF SINGAPORE MARITIME WEEK 2015 Photo LOC

Following the success of the inaugural Asian Marine Casualty Forum (AMCF) in 2015 and by popular demand, the bi-annual industry forum aimed at addressing the current crises in maritime casualty management, is back for the second time running and officially launched in Singapore today


India's Sagarmala for Sustainable Growth of Coastal Community

Indian Shipping Minister Nitin Gadkari. Photo: Official Twitter Page

 The Ministry of Shipping, India has sanctioned Rs. 30 Crore ($4.37 mln) for capacity building and providing safety training of 20,000 workers engaged in ship recycling activities at Alang-Sosiya recycling yard in Gujarat.   


Maersk Line's Improves Asia-West Coast South America network

Dean Rodin, Maersk Line Head of Latin America & Oceania.  Photo: Maersk Line A/S Video

 Maersk Line's new and improved Asia-West Coast South America network gives an optimised service to Chile and Peru with faster transit times and direct connections.   It also offers a new service with fast and direct connection to South Asia, the company said in its press release.


New Book Targets Better Ship Design

Improving Ship Operational Design, second edition (Image: The Nautical Institute)

Bad ship design can make life onboard difficult and uncomfortable, cause accidents and even kill. Naval architects have a huge responsibility, but few of them have direct experience of how their designs affect those who use them. Improving Ship Operational Design


What the Heck is ‘Privity’?

Photo: NTSB

Is the Limitation of Liability Act Still Relevant?   In the aftermath of the El Faro disaster, that vessel’s owners exercised their right to file a petition to limit their liability in accordance with the U.S. Shipowner’s Limitation of Liability Act, 46 USC §30501, et seq


Nautisk Appoints Sub-distributor in Spain

Global chart distributor Nautisk has appointed SEAMAPS ES as a sub-distributor, serving Algeciras and the surrounding areas.   The Spanish chandler will service local customers with core navigational products and services direct from Nautisk including Admiralty charts and publications in


Korean Register CEO Park Passed Away

Dr. B. S. Park ( Photo: Korean Register)

Dr. B. S. Park, Korean Register Chairman and CEO, has passed away after a short illness.   Dr. Park graduated from Korea Maritime and Ocean University in 1976 and joined Pan Ocean Shipping where he worked in a number of capacities until 2001


Evidence Suggests Houthi Role in Strike on US Warship

USS Mason file photo (U.S. Navy photo by Jeff Swaim)

The United States is seeing growing indications that Iran-allied Houthi rebels, despite denials, were responsible for Sunday's attack on a Navy destroyer off the Yemen coast, U.S. officials told Reuters.   The rebels appeared to use small skiffs as spotters to help direct a missile attack


US Navy Ship Again Targeted by Missiles from Yemen

USS Mason file photo (U.S. Navy photo by Blake Midnight)

A U.S. Navy destroyer was targeted on Wednesday in a failed missile attack from territory in Yemen controlled by Iran-aligned Houthi rebels, the second such incident in the past four days, U.S. officials told Reuters.   The USS Mason, which was accompanied by the USS Ponce - an amphibious


Moore Stephens: 4th Straight Year of Operating Costs Decline

Richard Greiner (Photo: Moore Stephens)

International accountant and shipping consultant Moore Stephens says total annual operating costs in the shipping industry fell by an average of 2.4% in 2015.   This compares with the 0.8% average fall in costs recorded for 2014, and is the fourth successive overall year-on-year reduction


NYK Carrier Rescues Fishermen in Distress off Indonesia

Photo: NYK Line

 Kurushima, a bulk carrier operated by NYK Bulk & Projects Carriers Ltd., a wholly owned subsidiary of NYK Line, rescued nine people from a fishing boat in distress on August 31 off the coast of Indonesia.    While Kurushima was sailing from India to Japan


Gothenburg, Rotterdam New Service Begins

Courtesy Port of Gothenburg

 The opening of a new freight service to Rotterdam is a welcome development, presenting further opportunities for Swedish industry. The company behind the new service is the ro-ro* carrier CLdN, whose vessels will call at the Port of Gothenburg twice a week.


Hanjin Commences Layoffs

Photo: Hanjin Shipping Co.

 Hanjin Shipping Co.  has notified 560 shipping crew that their service with the company ends on Dec. 10, reports the Pulse. The rest of 2,000 on the company payroll are expected to get dismissal notice within next month.   






 
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