Shanghai’s Pudong New Area has made progress in building an international shipping center last year and the opening-up reforms in the city’s free trade zone (FTZ) have lured another six global ship management firms to dock there, reports Shanghai Daily. So far, six overseas ship management companies have been set up in the zone after China for the first time allowed wholly foreign-funded companies to operate in the sector in the FTZ. There are six more firms from Germany, Singapore and Hong Kong in the process of establishing subsidiaries in the zone. Ma Hongqi, head of the service office of Pudong’s shipping department, said that ship management was the core sector of the shipping industry that drives the development of the upstream and downstream sectors. Her department will continue to boost the sector after the Shanghai zone is expanded, she added. Pudong is the new economic engine of Shanghai, majority of Shanghai modern city landmarks are located in this district. In some way, Pudong represents the whole Shanghai and the 30 years’ achievements of Shanghai in the aspect of economy and reform. Pudong also witnessed the creation of an international shipping service innovation zone, a shipping finance base and a shipping insurance center last year.
Trawlercat Marine Designs of New Westminster, British Columbia, Canada is seeking joint venture partners to join them in building their purpose-designed anti-piracy personal escort vessels (PEV). Trawlercat Marine’s president, Captain Graham Pfister states that “Individual PEV’s can chase pirates away from unarmed and even armed ships. They can prevent groups of pirates from “swarming” and getting close enough to fire their weapons and cause injuries
All single-hulled oil tankers visiting Australian ports will be subject to increased inspections, under new measures to protect the marine environment announced today. The Deputy Prime Minister and Minister for Transport and Regional Services, John Anderson, said further protection would come through the introduction of legislation to increase the amount of compensation following an oil spill to $480 million. Anderson said the Australian Maritime Safety Authority (AMSA) has upgraded its
Noble Denton Group has joined an elite group of British businesses as it secured 59th place in this year’s Sunday Times Deloitte Buyout Track 100 list. Now in its second year, the prestigious league table ranks Britain’s top 100 private equity-backed mid-market companies with the fastest growing profits (EBITDA) over two years. The research analyses the profit performance of private equity-backed companies, rather than just the buyout deals.
The American P&I Club is this month launching an ambitious initiative aimed at feeding 100 needy families for 100 days in embattled Greece, as well as supporting children with special needs. In a link-up with three long-established charities in Greece, the club will launch its campaign at an evening roof garden reception in central Athens on Thursday, May 31, to mark the start of Posidonia 2012 that will take place the following week.
Ships without P&I insurance for maritime claims must inform the Danish Maritime Authority about their insurance Danish ships with a gross tonnage of or above 300 without a Certificate of Entry in a P&I Club from the international group of P&I clubs must inform the Danish Maritime Authority about alternative insurance for maritime claims before March 31, 2014. Danish ships with a gross tonnage of or above 300 must carry a certificate confirming that insurance has been taken
Sumitomo Marine & Fire Insurance and Mitsui Marine & Fire Insurance agreed to merge by April 1, 2002, in a move that would create Japan's largest non-life insurer. With combined assets of $51.7 billion, the merged company will outstrip current industry leader Tokio Marine & Fire Insurance, whose assets stand at $48.5 billion. Analysts say the merger will accelerate consolidation in the sector, where competition is intensifying, due mainly to the deregulation of insurance premiums in July 1998
The Passenger Vessel Association (PVA) recently distributed the following to advise its members regarding terrorism insurance. The shocking events that occurred on September 11 took all of us by surprise. Since then, we've all started to ask ourselves some basic questions that will help us to protect our companies, property, and employees from further harmful situations, if they should occur. One of these important protective elements is insurance.
Michael Else & Company, manager of the Charterers P&I Club and Transmarine, has launched a new product to provide innovative insurance solutions worldwide for small and medium-sized multimodal transport operators and shipping intermediaries such as freight forwarders, NVOCCs and ship agents. The new product, Portside Insurance Management Services operates as a brand within Michael Else & Company’s existing structure and the security is provided 100 per cent
First U.S. Homeland Security Secretary Tom Ridge Partners with Five Lloyd’s Syndicates to Offer ‘Intelligent’ Cyber Insurance. Ridge Insurance Solutions Company to close dangerous cyber insurance gap by providing informed-assessment capabilities and insurance. Companies struggling to protect their assets and brands from the growing scourge of cyber attacks can now access a new product designed specifically for their needs
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
BW Offshore, a builder and operator of ships that can produce and store oil offshore, suspended its dividend until outlook for the oil sector improved, it said on Monday. The firm posted third-quarter earnings before interest, taxes and depreciation and amortisation of $174 million against
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.
Poor’s has revised its outlook on Steamship Mutual to Positive from Stable. The A- financial strength rating has been reaffirmed. In their announcement Standard & Poor’s note: • the Club’s risk-based capital is expected to remain extremely strong;
A Sao Tome and Principe court won a key victory against illegal fishing by organized syndicates on Monday when it convicted the captain of a vessel and two crew members on a number of charges, an Interpol official said. Globally, illegal fishing cost at least an estimated $23 billion each
The Shipping Corporation of India Ltd., has won the third prize for the ‘Best Enterprise Award’ in the 26th Regional Meet organized by the Forum of Women in Public Sector (WIPS), Western Region. The forum of Women in Public Sector (WIPS) and its network have been functioning since
Hutchison Port Holdings' (HPH) Hong Kong assets marked a significant milestone with cumulative throughput of 200 million teu. Congratulating HPH Trust on this important chapter in the history of Hong Kong’s container port industry
Peter Livanos-backed Monaco-headquartered owner and operator of liquefied natural gas (LNG) carriers GasLog Ltd. has completed a USD 1.3 billion credit facility with fourteen international banks to finance the construction of eight 174,000 cbm newbuilds.
The UK P&I Club, a provider of protection and indemnity insurance, agreed at its board meeting Monday that the General Increase for the 2016 renewal will be 2.5 percent. In announcing the increase, the UK Club board said it is mindful of the continuing stress in certain sectors of the
Gulf Petrochem has appointed John Phillips as Head of Credit Risk for the Group’s Bunkering division. With over 30 years experience in the Maritime sector, John is a well known expert in the industry and will focus on areas such as Credit Management (focused on Bunker business)
International multidisciplinary marine surveyors and consultants Braemar (Incorporating The Salvage Association), (Braemar SA), has published the third edition of its Guide to Hull & Machinery. The publication is primarily designed to help those with a nontechnical background and who
The Liberian Registry has launched a new service enabling shipowners and managers to apply online for certification under the major international liability conventions. Earlier this year, Liberia launched an online certification facility on its secure eMaritime website to expedite
Iran's oil tanker fleet is expected to face more hurdles before many of the vessels can start trading again due to insurance hiccups and tougher requirements over sea worthiness by potential foreign clients, despite easing of sanctions, reports Reuters.
The cost of operating cargo ships is forecast to rise over the next two years after falling in 2015, according to the latest Ship Operating Costs Annual Review and Forecast 2015/16 report published by global shipping consultancy Drewry.
In October a number of trade bodies released a joint press release to formally announce a reduction of the High Risk Area (HRA). Insurance companies have said the reduction may not result in reduced insurance costs due to the assessment of insurance risk being dependent on