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General Average

Standard Absorption Clause Welcomed by Industry

Insurance underwriters and average adjusters have welcomed the recent publication of BIMCO’s Standard General Average Absorption Clause. It is hoped that the initiative will help to promote a broad move away from declaring general average for small and uneconomic claims in all sectors of the industry. The Standard Absorption Clause is designed to be of benefit both to shipowners and insurers by avoiding the time and expense associated with pursuing small general average claims. The Clause is targeted for use in hull and machinery policies covering all types of vessels from container ships, bulk carriers, and tankers to cruise ships. BIMCO’s Deputy Secretary General, Søren Larsen, said that “it is not the first time that the marine insurance sector has looked to BIMCO for assistance in developing and promoting a standard clause for industry-wide use and we are delighted to have been able to continue the excellent working relationship on this occasion”. He continued “we have worked closely with insurance underwriters, average adjusters, shipowners and the International Group of P&I Clubs to ensure that the Standard Absorption Clause fairly represents the interests of all parties. This, we hope, will encourage the Clause’s widespread adoption”. Average adjusters are unequivocal in their support for the new Clause


BIMCO to go by York-Antwerp Rules 2016

Søren Larsen Deputy Secretary General of BIMCO

BIMCO’s Documentary Committee, who met in Copenhagen yesterday, have agreed that all new and revised BIMCO charter parties and bills of lading will now refer to general average being adjusted in accordance with the new York-Antwerp Rules (YAR) 2016. The YAR 2016 were adopted by the Assembly of the Comité Maritime International (CMI) at its 42nd International Conference held last week in New York. The YAR 2016 largely reflect the YAR 1994


Slow-Steaming Through a Legal & Insurance Minefield

Image courtesy of UK P&I Club

The UK P&I Club’s publication ‘Hellas Hilights - Issue 28’ recorded Rod Lingard's attendance at the green4Sea Forum and his address on 'The Legal and Insurance Aspects of Slow-Steaming, excerpted as follows: What’s the problem? On one side the owner has an obligation to follow the charterer’s slow-steaming instructions under the charterparty yet on the other the owner has the usually implied obligation under the Bill of Lading to proceed with due dispatch


DGS Marine Orgainses 1st BE&O P&I Seminar

DGS MARINE DELIVERS P&I INSIGHTS FOR CYPRUS SHIPPING COMMUNITY

  DGS Marine, a leading global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I facility, has held the first BE&O P&I Seminar in Limassol, Cyprus. Hosted by Captain Andreas Efthimiades, Head of DGS Marine’s Cyprus office and Director of Claims, the seminar was attended by delegates from Cyprus’ shipping and insurance community, with the goal of providing them with a better understanding of some of the most


DHT Reports 4Q 2005 Results

Double Hull Tankers, Inc. announced results for the period from October 18, 2005 to December 31, 2005. Total revenues for this period were $20.2 million and net income was $9.5 million, or $0.32 per share (diluted). The Board of Directors of DHT has declared a dividend of $0.43 per share, which will be paid on March 24, 2006 to shareholders of record as of the close of business on March 10, 2006. Total revenues of $20.2 million consist of $14.7 million in base charter hire revenue and $5


ACL Announces Three Year Agreement for Employees and Teamsters Local 89

American Commercial Lines Inc. announced that the company has secured a three year agreement for its shipyard employees with the General Drivers, Warehousemen & Helpers (Teamsters), Local Union No. 89. The three year agreement, which was ratified by over 95% of the voters, provides for first year wage increases ranging from 5% to 18% for various job positions resulting in an overall average wage increase of approximately 11%.


Gener8 Maritime to Go Public

Image: General Maritime Corporation (now Gener8 Maritime)

 Private equity-backed tanker operator Gener8 Maritime filed with the U.S. Securities and Exchange Commission (SEC) to proceed with an initial public offering worth up to $100m.   The company was created in February 2015 via the merger of General Maritime and Navig8 Crude.   New York-based company booked $391 million in pro forma historical sales for the 12 months ended March 31, 2015, plans to list on the NYSE under the symbol GNRT.   


General Maritime to Sell Nine Tankers

General Maritime Corporation announced that it has agreed to sell nine OBO Aframax tankers en bloc to Tanker Pacific for $247.5 million. The company expects to realize a net gain of $16.6 million from the sale. The company intends to utilize the proceeds to pay down debt, for corporate purposes which may include share repurchases, and for any future acquisitions that the Company may consider. Deliveries of the nine vessels are expected to be concluded by June 2006.


GMR Combines with Arlington Tankers

General Maritime Corporation (GMR) announced that Historic General Maritime and Arlington Tankers Ltd. have completed their combination to form public company to be known as General Maritime Corporation (formerly known as Galileo Holding Corporation). In accordance with the terms of their merger agreement, Historic General Maritime and Arlington each became wholly-owned subsidiaries of General Maritime. All outstanding shares of both companies were exchanged for shares of General Maritime


Sizing Up The World’s Shipping Companies

Graph: Clarksons Research

 Shipping is a truly global industry with owners based all over the world, says Clarksons Research. Interestingly, ownership is also very fragmented with over 90,000 vessels owned by more than 24,000 shipowners, with an average of around four ships per owner.    While there are a multitude of small owner companies, the relatively limited number of owners with very large fleets also exert a significant influence in today’s shipping markets.  


ClarkSea Index: Shipping Markets Under Severe Pressure

Graph: Clarksons Research

 With the ClarkSea Index around $9,000/day, and many if not most of the major shipping markets under severe pressure, it’s hard to escape the conclusion that the shipping markets are a tough place right now, with limited pickings to share between owners.   


Baltic Index Rises on Broad Demand

File Image (CREDIT: AdobeStock)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday on stronger demand across all vessel segments.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 19 points


Teekay LNG Reports Profit in 4Q

Phto: Teekay Corporation

 Teekay LNG Partners has reported GAAP net income attributable to the partners and preferred unitholders of $84.4 million and adjusted net income attributable to the partners and preferred unitholders of $29.0 million in the fourth quarter of 2016.  


US-flag Cargo Movement on Lakes Little Changed in January

U.S.-flag Great Lakes freighters (lakers) moved 2.1 million tons of dry-bulk cargo in January, a decrease of 125,000 tons compared to a year ago, according to the Lake Carriers’ Association  (LCA).   This January’s float was down nearly a quarter from the month’s


Higher Shipping Rates Boost Baltic Index

© Volodymyr Kyrylyuk / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Wednesday due to strengthening rates across all vessel segments. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


Ingalls authenticates keel of DDG 121

Jeremy Lally, a structural welder at Ingalls Shipbuilding, welds the initials of ship sponsor D’Arcy Neller (left) onto the keel plate of the destroyer Frank E. Petersen Jr. (DDG 121). Photo by Lance Davis HII

Huntington Ingalls Industries’ (NYSE:HII) Ingalls Shipbuilding division authenticated the keel of the guided missile destroyer Frank E. Petersen Jr. (DDG 121) today. The ship, named in honor of the U.S. Marine Corps’ first African-American general


Tanker Market Facing Test

Graph: Clarksons Research

 The tanker market has certainly had some tumultuous times of late, points out a report by Clarksons Research.   Crude tanker earnings picked up in 2014, averaging nearly $27,000/day, and surged to an annual average of around $50,000/day in 2015.   


Arctic and Antarctic Sea Ice at Record Low in January

Photo: © staphy / Adove Stock

The extent of sea ice in the Arctic and Antarctic last month was the lowest on record for January, the U.N. World Meteorological Organization said on Friday, while concentrations of carbon dioxide in the atmosphere hit a January record. "The missing ice in both poles has been quite


Diana Shipping Extends Time Charter Contract for M/v Houston

Photo:  Diana Shipping Inc.

 Diana Shipping  has announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with SwissMarine Services, Geneva, for one of its Capesize dry bulk vessels, the m/v Houston


IMO Secretary-General Visits Antarctica

Photo: International Maritime Organization (IMO)

International Maritime Organization (IMO) Secretary-General Kitack Lim experienced polar conditions at first hand during a recent visit to Antarctica (8-12 February).    Shipping in waters surrounding the two poles has increased in recent years


Scorpio Tankers Reports 4Q Loss

Photo: Scorpio Tankers

 Scorpio Tankers has reported a fourth-quarter loss of $29.7 million or a loss of 18 cents per share.   The shipping company posted revenue of $106.1 million in the period, also exceeding Street forecasts.    Scorpio Tankers sharply reduced its quarterly dividend by 92% to


Diana Shipping Extends SwissMarine Charter

M/V Aliki. Photo: Diana Shipping Inc.

 Diana Shipping , through a separate wholly-owned subsidiary, has agreed to extend the present time charter contract with SwissMarine Services S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Aliki.   The global shipping company specializing in the ownership of dry bulk


SBM Offshore Raises Dividend

Photo: SBM Offshore

Dutch oil-ship lessor SBM Offshore's full-year core profit (EBITDA) jumped 67 percent, driven by growth in its Lease and Operate business, the company said on Wednesday.   SBM, which has been seeking a settlement after being accused of paying bribes to executives of state-controlled oil


Drewry Launches Credit Research Services

APMA CMA CGM HL Bond Map

 Drewry Financial Research Services Ltd., the investment research arm of global shipping consultancy Drewry, launched  a new credit research service on the global maritime sector. Through this extension to its established maritime equity research offering Drewry is now able to provide


Black Carbon in Arctic Blamed on Russia

Photo:  National Snow and Ice Data Center

 According to a new study published in the journal Proceedings of the National Academy of Sciences, 35% of black carbon in the Russian Arctic originates from residential heating sources, 38% comes from transport, while open fires, power plants, and gas flaring are responsible for only 12%, 9%






 
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