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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


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%.


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


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


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.   


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.  


NYK Procures 4,700 Refrigerated Containers

photo by NYK

NYK has placed an order for 4,700 additional brand-new 40-foot refrigerated (reefer) containers, and the delivery of the new containers commenced in November. NYK procured 5,500 of the same type of containers last year, and the average age of company’s fleet of over 40


Tough Times in Shipping Fleet Demolition

 Strong demolition has been a prominent feature of the shipping industry this year, as challenging market conditions continue to drive a significant supply-side response in a number of sectors, says Clarksons Research.   Across the total shipping fleet


ZIM in the Red

Courtesy Zim

Despite continued distressed market conditions ZIM announced today improved results for Q3 2016 on most parameters compared to Q2 2016. The company continues to out perform the industry average in Adjusted EBIT margins for the 7th consecutive quarter


IMO Newcomer Belarus Accedes to Further Treaties

From left: Kitack Lim and Sergei Aleinik (Photo: IMO)

Just one week after becoming the 172nd member state of the International Maritime Organization (IMO), the Belarus has acceded to three IMO treaties covering a variety of ship safety measures, including conventions on load lines and facilitation of maritime traffic.  


Boskalis Profits Zoom as Expected

Royal Boskalis Westminster N.V.  closed the third quarter of 2016 in line with expectations. Image Boskalis

Royal Boskalis Westminster N.V. (Boskalis) closed the third quarter of 2016 in line with expectations. Both revenue and operating profit were higher than the average seen in the first two quarters of the year. The increase was wholly attributable to the contribution from the offshore activities


Record Containership Demolitions has suppressed Fleet Growth - Drewry

Fig 1 Note Data up to 7 November 2016 only Source Drewry Maritime Research

A record year for containership demolitions in 2016 has helped suppress total fleet growth close to the rate for demand. To repeat that feat the scrapping record will need to be smashed again, and again. There are multiple ways to measure the vitality of the container industry


Grain and Project Cargo Dominate St. Lawrence Seaway Traffic in October

FederalCaribou (Photo credit: GreatLakes Seaway and FedNav)

“The Great Lakes St. Lawrence Seaway System saw a steady flow of traditional cargoes during the month of October,” said Betty Sutton, Administrator of the Saint Lawrence Seaway Development Corporation.  “Last month, shipments of aluminum, steel, generators, crane components


US-flag Lakes Cargos Down in October

File photo: Jerry Mueller

U.S.-flag Great Lakes freighters (lakers) moved 8.8 million tons of cargo in October, a decrease of 9.2 percent compared to a year ago, and 10.2 percent below the month’s five-year average, according to the Lake Carriers’ Association (LCA)


INTERTANKO Reelects Tsakos as Chairman

Dr. Nikolas Tsakos of Tsakos Energy Navigation Ltd. was reelected for two further years by the INTERTANKO Council who met this week in London.    The Council members also engaged in dialogue with the IMO Secretary General, Kitack Lim, as well as the Rt Hon John Hayes CBE


Tema Port To Be Expanded

President cuts sod for work on Tema Port project. Photo: Ghana Ports & Harbours Authority

 Ghana President John Dramani Mahama has launched the start of major expansion works at the Tema Port, near Accra, according to local reports.   This ambitious project involves an upgrade and significant expansion of Ghana’s main seaport


No recovery for Container Traffic in sight - Drewry

Fig 1 Source Drewry Maritime Research, derived from Container Trade Statistics

Asia to West Africa container traffic fell by 19% in the third quarter; the end-year result will not be much better. The IMF’s latest World Economic Outlook, published last month, described “multispeed” growth for sub-Saharan Africa economies with the divide between the haves


Fred Harris to Retire

Fred Harris (Photo: General Dynamics NASSCO)

Ubiquitous General Dynamics Leader Fred Harris to Step Down January 1, 2017; Dirk Lesko to Lead Bath Iron Works; Kevin Graney to Lead NASSCO General Dynamics (NYSE: GD) said that in the wake the retirement of Frederick J. Harris  effective January 1, 2017, Dirk A


UK P&I Club: Premium Discount for 2016

The UK P&I Club said it has agreed at its board meeting on November 19 to a mutual premium discount of 3 percent on the total mutual call for the 2015 policy year.    In the current shipping environment, the board has decided it is prudent to revise the club’s approach to the


Youngest Containership Sold for Scrap

landmark boxship scrap sale Image courtesy Vessel Values

Today in the containership industry a landmark deal has occurred with the youngest ever containership sent for demolition by Rickmers Marine Trust. The vessel was a seven year old panamax boxship (4250 TEU, 2009 Blt, Built China). She is valued just above scrap at USD 5.87m


COSCO Europe Reduces Fuel Costs, Emissions with Selected HPS from Jotun

Photo: COSCO

In the four years since its coating with Jotun’s Hull Performance Solutions (HPS) system, COSCO Europe has reached new heights of efficiency, cost control and environmental performance. Figures released by Jotun show that the 2008-built, 10,062 TEU container ship has sliced fuel costs by $4






 
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