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
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 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%.
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 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.
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
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
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
It’s now more than a year since the tanker market took off. In mid-2014 tanker earnings picked up and since then have been in the $30-$40,000/day range, says a Clarksons study. But the market remains nervous. This tanker pick-up coincided with a slump in dry bulk earnings
Despite challenging market environment with freight rates reaching historic lows in several key trades, ZIM Integrated Shipping Services continues to outperform the average adjusted EBIT margins in the Industry. ZIM Integrated Shipping
IMA/World Energy Reports has just completed a comprehensiveassessment of the five year outlook for the deepwater sector. The new report – the 19th annual floater market forecast prepared by IMA since 1996 -- provides our forecast of orders for floating production systems between 2016
Directors of the North P&I Club and Sunderland Marine Insurance Company (North Group) have revised their projection for the group’s year-end free reserve up to $380 million, an increase of 12 percent on last year and $20 million more than estimated at the half-year point.
* Frontline achieved net income attributable to the Company of $17.4 million, or $0.09 per share, for the third quarter of 2015 and net income attributable to the Company of $65.9 million, or $0.42 per share, for the nine months ended September 30, 2015.
At its meeting in New York on November 20, the American Club’s board resolved to levy a general premium increase of 2.5 percent for P&I cover, but no increase in the cost of FD and D for the 2016 policy year. The club’s board also reviewed release call requirements for open policy
On October 27, Barcelona Europe South Terminal (BEST) achieved another milestone for the Port of Barcelona. BEST serviced the MSC Livorno, a 14,000 TEU vessel with 8 ship-to-shore (STS) gantry cranes, the first time that a container terminal in Barcelona has operated such a high number
Containership reliability took a small step backwards in October as the average on-time performance across all trades reached 77.9%, according to Carrier Performance Insight, the online schedule reliability tool provided by Drewry Supply Chain Advisors.
The Liberian International Ship & Corporate Registry (LISCR), the U.S.-based manager of the Liberian Registry, has appointed Kostas Ladas as general manager of its London office. Ladas joins LISCR from London-based ship and insurance broker and agent Victoria Steamship Co. Ltd
IMA/World Energy Reports has just completed a comprehensive assessment of the five year outlook for the deepwater sector. The new report – the 19th annual floater market forecast prepared by IMA since 1996 – provides our forecast of orders for floating production systems between 2016
Germany’s largest universal port reported the effects of weakened Chinese foreign trade plus the steep downturn in trade with Russia during the first nine months of the year. Totaling 104.6 million tons, seaborne cargo throughput in Hamburg was down 4
Ken Cohen, vice president, Public and Government Affairs, Exxon Mobil Corporation, has announced his intention to retire effective Jan. 1, 2016, after more than 38 years of service. It is anticipated that the board of directors will elect Suzanne McCarron as vice president
U.S. energy firms this week added oil rigs for the first week in 11, data showed on Friday, despite continued weak crude prices. Drillers added 2 oil rigs in the week ended Nov. 13, bringing the total rig count up to 574, oil services company Baker Hughes Inc said in its closely followed
Engine manufacturer Perkins hires Andrew Goldspink to succeed retiring general manager Steve Phillips. After 30 years at engine manufacturer Perkins, Steve Phillips has elected to retire from his role as General Manager of the company’s marine facility in Wimborne
A new report from The Swedish Club shows that incorrect maintenance and repair continues to be the most frequent cause of main engine damage – a trend which has continued unabated since the Club began monitoring the issue nearly ten years ago.