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
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
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.
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
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%.
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
Double Hull Tankers, Inc. announced results for the period from January 1 to March 31, 2006. Total revenues for this period were $24.2 million and net income was $11.7 million, or $0.39 per share (diluted). On October 18, 2005, having completed its initial public offering, DHT acquired seven double hull crude oil tankers from Overseas Shipholding Group, Inc. (OSG) and commenced operations as an independent tanker company
Bollinger Shipyards, Inc. was awarded the 2010 Award for Excellence in Safety by the Shipbuilders Council of America (SCA). The award was presented during the association’s April 5, 2011 general membership meeting held in Washington, D.C. The Award for Excellence in Safety is given to member companies who have an end-of-year Total Recordable Incident Rate (TRIR) that is below the average SCA rate.
Bourbon reported that the recovery expected in the 4th quarter of 2010 was confirmed In the 1st quarter of 2011. Q1 2011 revenues up 23.8% year-on-year up 6.4% over the previous quarter. Commenting on the first quarter results, Christian Lefèvre, Chief Executive Officer of BOURBON, said: “As anticipated at the end of 2010, the market recovery is contributing to pushing vessel utilization rates up to 83.1% whilst daily rates are slightly higher than those in the fourth quarter of
The U.S. Energy Information Administration (EIA) has released its latest Short-Term Energy and Winter Fuels Outlook (http://www.eia.gov/forecasts/steo/). Select highlights follow: • EIA projects average U.S. household expenditures for natural gas, heating oil, electricity, and propane will decrease this winter heating season (October 1 through March 31) compared with last winter
Cruise tourism set a new record in Gothenburg this year. From April to October, 73 cruise ships visited Gothenburg, carrying 110,000 visitors. In total, cruise tourism generated around SEK 60 million in pure tourist revenue for the city.
The regional Environmental Center of the Northern Fleet will be established in the Arctic in the near future. The news agency TASS reported the news with reference to the Deputy Russian Defense Minister Army General Dmitry Bulgakov.
On October 13 the Gazprom leadership acceded to Alisher Usmanov's request for releasing him from his position as Director General of Gazprom Investholding. At the meeting Alexey Miller, Chairman of the Gazprom Management Committee thanked Alisher Usmanov for many years of conscientious
Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to extend a lease on two ultra-deepwater drilling ships. Petrobras, as the Brazilian oil company is known, will get the ships
DP World is looking to develop a free zone in Senegal, Chairman Sultan Ahmed bin Sulayem said on Wednesday. Sulayem was speaking at an African investment event in Dubai. He did not provide specifics on the firm's Senegal plans, but said it was very bullish on Africa in general.
Second Joint High Speed Vessel to be launched at Austal in 2014 On September 30, 2014, Austal USA successfully completed the launch process of Trenton (JHSV 5) - the second Joint High Speed Vessel (JHSV) launched by Austal in 2014. This 103-meter high-speed catamaran represents the U.S
International accountant and shipping consultant Moore Stephens said total annual operating costs in the shipping industry fell by an average of 0.3 percent in 2013. This compares with the 1.8 percent average fall in costs recorded for the previous year
The St. Lawrence Seaway reported that year-to-date cargo shipments of more than 24 million metric tons moved through the system for the period March 28 to September 30 – an increase of nearly 5 percent over September 2013. U.S. grain continued its upward trend posting a 14
Seaspan’s Vancouver Shipyards announced today it has completed volunteer repair work on the Steam Tow Boat Master (SS Master) as part of its $50,000 donation to the SS Master Society.
Today the US Army Corps of Engineers released the Draft Integrated Feasibility Report and Environmental Impact Statement for the Post-45 Harbor Deepening project, recommending that the Charleston Harbor be deepened to 52 feet. "The Port of Charleston's ability to handle
Container freight rates fell 10.2 percent on busy route; Maersk expects gradually declining rates. Freight rates for shipping containers from ports in Asia to Northern Europe fell 10.2 percent to $738 per 20-foot container (TEU) in the week ended on Friday
In the period from 6 October up to and including 10 October, Royal Boskalis Westminster N.V. (Boskalis) repurchased 142,682 of its own shares at an average price of EUR 41.0832 per share for a total consideration of EUR 5.86 million.
Turkey today, October 14, ratified the Ballast Water Management (BWM) Convention 2004, bringing the number of Contracting States to 43 countries, representing approximately 32.54% of world merchant shipping tonnage. 35% of global tonnage will trigger entry into force of the Convention
General Dynamics C4 Systems’ cyber-defense products team recently delivered the 100,000th TACLANE®-Micro (KG-175D) in-line network encryptor to the U.S. Navy’s Space and Naval Warfare Systems Command (SPAWAR). SPAWAR develops
Denmark and its maritime industry are lobbying to get the top position at the International Maritime Organization, a United Nations body that wields great influence over global shipping through its regulations, industry sources said. The current secretary general of the IMO, Koji Sekimizu