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Risk Management News

07 Feb 2024

Edda Wind Names Øverlie CFO

Hovland Øverlie (Photo: Edda Wind)

Norwegian offshore wind vessel owner Edda Wind announced it has appointed Hermann Hovland Øverlie as its new chief financial officer (CFO) following the resignation of Tom Johan Austrheim. Øverlie will join Edda Wind March 1, 2024.Øverlie is currently senior vice president of business development at Flex LNG and was previoulsy CFO at Amar Group. Øverlie has also extensive experience from financial/liquidity planning, risk management and financial analysis from Knutsen NYK Offshore Tankers and DnB. He holds a master’s degree in financial economics from BI Norwegian School of Management.

18 Oct 2023

RCP Finance Secures Funding for Fuel Distributer in Maldives

Source: RCP Finance

Independent finance and capital structuring partner RCP Finance has successfully secured a $15 million credit facility from a leading Asian lender for The Hawks Pvt Ltd., a distributor of high-quality fuel in the Maldives.The Hawks caters to a range of local businesses including resort hotels, super yachts and navy vessels, with a total portfolio of more than 452 clients.Part of the credit facility has been used to facilitate the acquisition of the Bro Developer, a 2007 oil and chemical tanker with a carrying capacity of 15,000dwt.

11 Oct 2023

Ascot Appoints New Head of Marine

Pat Stoik courtesy of Ascot

Pat Stoik will join insurer Ascot Group as Executive Vice President, Head of Marine, Ascot U.S., effective October 24. He will be based in New York and will report directly to Matt Kramer, Chief Executive Officer, Ascot U.S.An experienced executive in the marine industry, Stoik brings more than 35 years of senior management, underwriting, and broker experience to Ascot. Most recently, he served as Chief Risk Officer for Overhaul Group, Inc., a global leader in in-transit supply chain risk management…

05 Oct 2023

Stakeholders Gather in Copenhagen to Advocate for Safe Ammonia Use

Source: Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping

Stakeholders in the shipping industry converged in Copenhagen Wednesday to collaboratively address the paramount safety challenges and best practices essential for integrating ammonia as an alternative marine fuel.The gathering was the inaugural event of a series initiated by the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, dedicated to fostering a collective understanding and approach towards the intricacies of ammonia safety.Claus Graugaard, CTO and Head of Onboard Vessel Solutions at the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping…

25 Sep 2023

Kent Young Joins GIT Board of Directors

Kent Young (Photo: GIT)

Canadian marine coatings company Graphite Innovation & Technologies (GIT) announced Kent Young has joined its board of directors.A former senior director of technology for the global supply chain R&D at Sherwin Williams, Young will provide strategic guidance and expertise across a range of areas as GIT scales-up its business. Young’s extensive background in coatings, along with his experience in supply chain, risk management, raw material selection, R&D processes and product innovation will accelerate GIT’s growth, the company said.

05 Sep 2023

Port NOLA Awarded $947,280 FEMA Port Security Grant

© zimmytws / Adobe Stock

The Port of New Orleans was awarded $947,280 in recently announced Port Security Grant funding from the Federal Emergency Management Agency (FEMA) to support the expansion and enhancement of emergency services for Port NOLA’s maritime and industrial operations.With this funding award, Port NOLA will invest in physical and technological upgrades to the Port’s Emergency Operations Center (EOC) which serves as home base during hurricanes and other significant incidents. Additionally…

31 Aug 2023

NTSB Renews Call for US Coast Guard to Strengthen Passenger Vessel Safety

The fire-stricken Conception shortly before it sank off Santa Cruz Island in September 2019. All 33 passengers and one of six crewmembers died of smoke inhalation after they were trapped in the berthing area while a fire raged on the deck above. (Photo: Ventura County Fire Department)

Four years after the fire aboard the Conception dive boat claimed 34 lives, the National Transportation Safety Board (NTSB) renewed its call for the U.S. Coast Guard to require safety management systems (SMS) for passenger vessels. The recommendation, which the NTSB reissued following its investigation of the September 2, 2019, fire aboard the Conception, remains open.NTSB Chair Jennifer Homendy sent a letter to the Coast Guard Commandant today emphasizing the need to issue the…

28 Aug 2023

14th Annual Maritime Risk Symposium to be Held Nov. 14-16 at SUNY Maritime

The 2023 Maritime Risk Symposium (MRS) will be held Nov. 14-16, 2023, as an in-person event, hosted by Maritime College, State University of New York (SUNY) at the Maritime Academic Center. The theme of the 14th annual event is “Managing Impacts of Supply Chain Disruptors, Renewable Energy, Emerging Technology on the Maritime Transportation System (MTS)” with a focus on offshore infrastructure risk and disruptors. Founded in 1874, Maritime College is the oldest maritime college in the United States, providing mariner training for 150 years.

18 Jul 2023

USACE Awarded a Slew of Dredging Work in the First Half of 2023

(Photo: Dredging Contractors of America)

The U.S. Army Corps of Engineers (USACE) is snapping back from the doldrums of COVID-19, wrapping up a strong first half of 2023 with a slew of awarded dredging work.“The federal government is no different from state and local governments, nor the private sector when it comes to COVID-19 work related recovery and USACE is not an exception,” said William P. Doyle, CEO of the Dredging Contractors of America. “The Army Corps has been steadily issuing contract awards since February, and that’s on the award side.

28 Jun 2023

Korean Register Grants AiP to K Shipbuilding and ForceTEC for Ship Cyber Resilience Design Technology

©KR

Korean Register (KR) has awarded Approval in Principle to K Shipbuilding and ForceTEC for their design technology focusing on ship cyber resilience in accordance with the International Association of Classification Societies (IACS) Unified Requirement (UR) E26.KR, K Shipbuilding, and ForceTEC in January embarked on a joint research project aimed at applying and validating the rules of ship cyber resilience, in a proactive response to the forthcoming adoption of IACS UR E26.IACS UR E26, introduced in April 2022, establishes unified requirements for cyber resilience in ships.

22 Jun 2023

Corps Launches Lower Miss 'Mega-study'

© Aneese / Adobe Stock

The U.S. Army Corps of Engineers is kicking off a five-year, $25 million "mega-study" with the goal to help guide effective and practical management of the Lower Mississippi River.The Corps said the the study will help it to identify recommendations for the comprehensive management of the region across multiple purposes, including hurricane and storm damage reduction, flood risk management, structure and nonstructural flood control, floodplain management strategies, navigation…

22 Jun 2023

Experts Raised Safety Concerns About Missing Titanic Submersible in 2018

(File image: OceanGate

Experts raised safety concerns in 2018 about the submersible vessel that has been missing since Sunday, when it descended with tourists on a deep ocean journey to view the wreckage of the Titanic.The pilot and four passengers are aboard and the available oxygen on the vehicle has been forecast to run out by Thursday morning.The Titan submersible is a 22-foot (6.7-meter)-long vessel operated by Everett, Washington-based OceanGate Expeditions. It first made a voyage dive to 4,000 meters (13…

18 Jun 2023

Minimum Safe Manning Levels Questioned

© remipiotrowski / Adobe Stock

The confidential and impartial incident and near-miss reporting scheme CHIRP Maritime has released its analysis of maritime reports received between April 2022 and March 2023.A key outcome of the analysis of reported incidents was the identification of inadequate leadership and supervision as a contributing factor. Adam Parnell, Director Maritime, said: “This analysis identifies the key causal factors of safety incidents reported to CHIRP Maritime over the past year. These include inadequate leadership or supervision…

05 Jun 2023

ABB Secures Large Tech Order for Two Wind Turbine Installation Vessels

Credit: Havfram

ABB said Monday it had secured a large order from Yantai CIMC Raffles Offshore Ltd., to deliver an integrated bridge-to-propeller technology for Havfram Wind’s two new NG20000X-HF Wind Turbine Installation Vessels (WTIVs). The vessels will be able to install offshore wind turbines with a rotor diameter of more than 300 meters, as well as XXL monopiles weighing up to 3,000 tons at water depths of up to 70 meters.ABB scope comprises four Azipod electric main propulsion units with a total propulsion power of 17 MW…

24 May 2023

Waypoints Projects Launches to Provide Project Support and Training Services

Thomas van Tol, founder and director of Waypoints Projects (Photo: Waypoints Projects)

A new maritime and industrial project management firm, Waypoints Projects, has officially launched. Founded by Thomas van Tol, Waypoints Projects offers expert project support and training for businesses before, during and after projects. Van Tol started his career as a project manager at Damen, and over the years rose to project director, heading up large projects worth over €100 million  and 100 of staff. In 2020, he co-founded The Synergy Partner, a maritime consultancy firm focused on maritime project management…

24 May 2023

BVS and ENGIE Announce Low-Carbon Advisory Partnership

Source: BV

Bureau Veritas Solutions Marine & Offshore (BVS) and ENGIE have established a partnership to provide advisory and hedging services to support shipowners, operators, and charterers with reducing GHG emissions.The partners will develop a suite of advisory and market access services to help shipping interests to understand upcoming regulatory requirements, manage their risk and identify the optimal low-carbon emissions roadmap for their operations.This partnership will combine the experience of ENGIE’s entity Global Energy Management & Sales (GEMS) in the analysis and trading of energy products…

15 May 2023

KR Awards AIP to HD Hyundai’s Ship Cyber Resilience Technology

(Photo: Korean Register)

Korean Register (KR) has awarded an approval in principle (AIP) to HD Hyundai Heavy Industries (HD HHI) and HD Korea Shipbuilding & Offshore Engineering (HD KSOE) for their 'Technical Procedures and Methodology for Implementation of Ship Cyber Resilience (IACS UR E26).'Ship cyber resilience encompasses measures taken to reduce cyber accidents and mitigate their impact on the operational technology systems essential for the safe navigation of ships. IACS UR E26, introduced in April 2022…

04 May 2023

BMT Appoints Ian Tyler as Chairman

Ian Tyler (Photo: BMT)

Design, engineering and risk management consultancy BMT announced it has appointed Ian Tyler as chairman of BMT Group Ltd. Tyler joined the board on May 1 and will assume the role of Chairman in early June. Tyler has a wealth of experience with listed public companies, in both executive and nonexecutive director capacities. His business leadership experience spans multiple sectors including energy, infrastructure, technology, defense and engineering. He is the former CEO of Balfour Beatty plc and brings board experience across companies including Cairn Energy…

06 Apr 2023

Ammonia Bunkering Study Kicks Off in Savannah

© feisty / Adobe Stock

An international group of maritime industry partners are conducting a feasibility study with the aim to establish a commercially viable green ammonia ship-to-ship (STS) bunkering network on the U.S. East Coast.The study, to be carried out at the Port of Savannah in Georgia, will cover the entire end-to-end supply chain of ammonia bunkering, which includes the development of a cost-effective green ammonia supply chain, the design of an ammonia bunkering articulated tug-barge (ATB)…

30 Mar 2023

BV Introduces Cyber Health Check Tool

Source: BV

Bureau Veritas (BV) has launched a new Cyber Health Analysis Report Tool (CHART) to help shipowners understand their ships’ digital architecture (OT/IT), specific vulnerabilities and level of preparedness to potential cyber threats.The aim of the tool is to enable a comprehensive technical assessment of a vessel’s cyber resilience at specific moments throughout its lifetime, responding to the need to constantly review, maintain and update systems in the face of evolving cyber threats.The tool provides a comprehensive audit of the vessel’s equipment…

27 Mar 2023

DNV Names Roll Richardsen as Director of Cyber Security in Norway

Anette Roll Richardsen - ©DNV

DNV has appointed Anette Roll Richardsen as Director of its Cyber Security business in Norway.DNV said Roll Richardsen would lead a growing team of IT and operational technology security experts as the company rapidly scales to safeguard its customers from emerging cyber risks to critical infrastructure. "Named among Europe’s 50 Most Influential Women in Cybersecurity by SC Media, Roll Richardsen has a track record in leading expert teams in securing society from cyber threats.

16 Mar 2023

Seafarer Abandonment Is on the Rise

© Deborah Benbrook / Adobe Stock

In troubling news for the maritime sector, new data from RightShip shows reported rates of seafarer abandonment is on the rise with no signs of slowing down.U.K.-based RightShip, which provides an online safety and environmental risk management system for the global maritime industry, said 9,925 seafarers have been cast adrift over the last 20-years, including 1,682 impacted by 103 vessels marked as abandoned at the close of 2022.According to the International Maritime Organization's (IMO’s) definition…

23 Feb 2023

Top Threats for the Marine Industry in 2023

Fire and explosion onboard ships remains the number one concern. Copyright Artem/AdobeStock

Allianz just released its 12th Risk Barometer, an annual corporate risk survey incorporating the views of 2,712 risk management experts in 94 countries and territories, including CEOs, risk managers, brokers and insurance experts. The overall global results reveal Cyber incidents and Business interruption as the biggest company concerns for the second year in succession. Macroeconomic developments such as inflation, financial market volatility and a looming recession rose to the third spot followed by the impact of the Energy crisis…

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