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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


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


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.


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%.


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


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


Ships 10% Less Fuel Efficient Than Those Built in 1990

Graph by Seas At Risk

 New ships today are no more efficient than they were over twenty years ago, despite shipping industry claims to the contrary. The efficiency of new ships has deteriorated by 10% on average since 1990.   The study also shows that containerships built 30 years ago already, on average, beat the "Energy Efficiency Design Index" (EEDI) standard set by IMO for new ships built in 2020.   The study, "Historical trends in ship design efficiency


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.   


Icy Blast Putting The Big Freeze On Shipping Heat?

Graphics: Clarksons Research

 In Western Europe temperatures so far this winter have remained resolutely mild. However, the global shipping markets remain in general fairly icy, Clarksons Research.   From time to time, shipping market investors still manage to repel the market chill and turn up the heat with their appetite for newbuild and secondhand tonnage. But how hot has 2015 looked in this regard?   Put The Heating On: The ClarkSea Index provides a useful way to take the temperature of industry


Baltic Dry Bulk Index Dips on Weak Demand

File Image: a FedNav bulk carrier alongside in the St. Lawrence Seaway

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


Recent strength in dry bulk shipping to be short-lived - Drewry

Rahul leads dry bulk research at Drewry and is the editor of Drewry’s flagship publications Photo Drewry

Drewry forecasts dry bulk freight rates in 2016 will be, on average, lower than in 2015, as the medium-to-long term fundamentals for dry bulk shipping will remain challenging, according to the latest edition of the Dry Bulk Forecaster report published by global shipping consultancy Drewry.


ICS Pushing For Balanced Update of York Antwerp Rules

Courtesy ICS

At the Comité Maritime International (CMI) Conference, in New York this week, the International Chamber of Shipping (ICS) will be pressing to ensure that the proposed revision of the York Antwerp Rules of General Average delivers a clear improvement on the present system and does not touch


Slower Demand for Larger Vessels Drags Baltic Index Lower

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday due to diminishing demand for larger vessels.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 10 points


Baltic Index Up On Stronger Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Friday due to higher demand for capesizes and gains across smaller vessel segments.   The overall index, which factors in rates for capesize, panamax


60th Birthday for Container Shipping

Chart: Clarkson Research

 From its origins in the first seaborne transportation of containers on board Malcolm McLean’s Ideal-X on 26 April 1956, containerized shipment has become the glue that holds together today’s globalised economy, points out Clarksons Research.  


Baltic Index Inches up on Higher Capesize Demand

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Monday, supported by higher demand for capesize vessels.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


Stronger Capesize Demand Boosts Baltic Index

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Tuesday, primarily helped by higher demand for capesize vessels.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


G E Shipping Reworks Newbuildings Kamsarmax Exposure

Jag Laxmi Photo Greatship

The Great Eastern Shipping Company has entered into an agreement to cancel the new building Kamsarmax which was scheduled for delivery in FY 18 (contract signed in FY 14).   Simultaneously, the Company has contracted for purchase of two newbuilding resale Kamsarmaxes being built at the same


Baltic Index Up on Firmer Demand

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Wednesday, boosted by stronger demand for capesizes and smaller shipping vessels.   The overall index, which factors in rates for capesize, panamax


Baltic Index Dips on Weaker Rates for Bigger Vessels

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday, hurt by lower rates for capesize and panamax vessels.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


Baltic Index Down on Lower Capesize, Panamax Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped on Friday, as demand for capesize and panamax vessels fell.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


A Look Back At The Tanker Market

Graph: Clarksons Research

 The fall in the oil price after the summer of 2014, coupled with the decision by OPEC to keep oil production at elevated levels has combined to support an improved tanker market, but just how good are these “good times” in a historical context? Clarksons Research Analysis.


Baltic Index Down for Third Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday for the third straight session, as demand for bigger vessels weakened.   The overall index, which factors in rates for capesize, panamax


Chinese Seaborne Coal Imports Under Pressure

Graph: Clarksons Research

 Chinese coal imports decreased significantly in 2014-15, and so far in 2016 the pace of decline appears to have slowed, with imports even recording positive y-o-y growth in March, says Clarksons Research.   The recent improvement has partly been supported by a reduction in domestic






 
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