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%.
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
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
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
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
Bollinger Shipyards announces the promotions of three key leaders, as Tim Martinez, Scott Theriot and Corey Phelps enter new roles. Making the announcement, Bollinger’s President and CEO Ben Bordelon, said, “We will be strengthening our position in the market by developing our
The European Union's second highest court on Thursday annulled EU sanctions on an Iranian bank and 40 shipping companies hit with asset freezes as part of pressure on Tehran over its nuclear programme. But they will remain under sanctions for now after the General Court gave the EU time
Europe's oil majors will strike a sober note in their fourth-quarter results and investors will focus on companies' plans to maintain cherished dividends and their strategies to cope with the oil prices collapse that caught many unawares.
Abu Dhabi Ports is implementing a brand new terminal operating system (TOS) which will enhance the general cargo operations at the emirate’s ports, significantly improving processing times and the full range of customer service offerings.
Port of New Orleans cruise terminals handled more than 1 million cruise passengers in 2014 for the first time in its history. For the 12 months, embarkations and disembarkations totaled 1,014,325, an increase of more than 2.6 percent over 2013, a fourth straight record year for the port.
General Dynamics Mission Systems makes its debut as General Dynamics' newest business unit at the Surface Navy Association's (SNA) 27th National Symposium. General Dynamics Advanced Information Systems and General Dynamics C4 Systems combined to form General Dynamics Mission Systems on
A new five-year low in oil spills from tankers reported by the International Tanker Owners Pollution Federation (ITOPF), as the average for 2010-2014 falls to 1.8 large spills per year. During the year, ITOPF recorded 1 large spill of bitumen (over 3
The Naval Sea Systems Command (NAVSEA) awarded General Dynamics Land Systems a $26.2 million contract for the production of MK46 Modification (Mod) 2 Gun Weapon Systems (GWS) for use on Littoral Combat Ships (LCS), and Zumwalt-class (DDG-1000) ships
In spite of record vessel deliveries the container shipping profitability is expected to improve in 2015, driven by lower unit costs. The global fleet is expected to grow 7.2% in 2015, a faster pace than demand which is forecast to expand at a more modest 5.3%.
Georgia has become the 100th Party to the Convention on the International Maritime Satellite Organization (IMSO C 1976) and accepted the 2008 amendments, the International Maritime Organization (IMO) said in a news statement. His Excellency Revaz Gachechiladze
The largest component of the 120-meter J-Lay tower for one of the world’s biggest crane vessels, Saipem 7000, has been delivered by tug Fairmount Expedition offshore Burgas, Bulgaria. The tower component was loaded on Saipem’s cargo barge S42.
Large cargo barge Iron Lady 1 has been delivered to Allseas in Rotterdam by oceangoing tug Fairmount Alpine. Barge Iron Lady 1, which measures 200 meters long and 58 meters wide, was delivered after a voyage of 14,800 nautical miles at an average speed of 6.5 knots
The Kuwait government is eyeing for its port sector’s growth as this will boost growth at the Gulf state’s ports, both though spending on the infrastructure projects and boosting imports of containerized goods, reports Customs Today.
Cummins Inc. announced that Distribution Business President Pamela Carter, the first woman to lead one of the company's four main business units, will retire April 1. Carter, who became Indiana's first African American woman Attorney General in 1993, has been with Cummins since 1997
The Great Eastern Shipping Company Ltd. (G E Shipping) delivered its 1990-built Very Large Gas Carrier “Jag Vidhi” (49,701 dwt) to the buyers on 21st January, 2015. The company had contracted to sell the ship in July 2014.