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Ship Insurance

Insurance Worries May Cancel Japan's Iran Oil Liftings

Japan will likely refrain from loading oil at Iranian ports in March because of the impending expiry at the end of next month of special shipping insurance cover provided by the government, industry and government officials said. The potential restriction from one of Tehran's biggest oil customers highlights Iran's difficulties in boosting exports after U.S. sanctions were lifted in January. The problem stems from confusion about whether U.S. companies can offer insurance coverage for tankers with Iranian crude. The U.S. removed the sanctions after confirming a deal on Iran's disputed nuclear programme, including prohibitions on non-American companies selling insurance to and trading with Iranian entities. But the Treasury Department left in place other sanctions limiting the amount of reinsurance U.S. companies can provide for Iranian ships, a crucial element in providing tanker cover. The insurance ban was the most effective way of limiting Iranian oil exports, which were more than 3 million barrels per day (bpd) in 2011, but fell to a little more than 1 million bpd after the sanctions were imposed in 2012. Japan has kept the oil trade with Iran going through a special government insurance programme that gives about $8 billion in coverage and the government plans to renew it with a parliamentary vote, a government source said.


Shanghai’s Pudong Shipping Hub is Bullish

Pudong New Area Night View by Pudong New Area Government

 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.  


Australia to Inspect All Single-Hull Tankers

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 Honored

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.


Trawlercat Introduces Anti-Piracy (PEV) Design

purpose-designed anti-piracy personal escort vessel (PEV).

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


Ship Insurers Plug Hole in Iran Oil Cover Left by US Sanctions

File photo: MOL

Ship insurers have stepped in to help plug a shortfall in cover for transporting Iranian oil resulting from the fact that U.S. reinsurers are still restrained by Washington's sanctions, according to officials involved in the initiative.   International oil and shipping companies have been eager to boost business with Iran since international sanctions related to its nuclear programme were lifted in January, but securing proper insurance cover has been among the stumbling blocks in


Michael Else & Company Launch New Insurance Cover

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


American P&I Club 100 Day Initiative

AMER CLUB MSTR LogoWEB.jpg

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.


Denmark Updates Insurance Claims Requirements

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


Iran Plans Listing NITC to Fund Fleet Modernization

Photo: NIOC

Iran plans to list its national tanker company to raise badly needed cash to upgrade its massive fleet and replace older vessels, as the middle east country prepares for an aggressive return to the global oil market.   The country emerged from years of economic isolation last weekend after crippling sanctions were lifted in return for Tehran complying with steps to curb its nuclear ambitions.   Iran has one of the world's biggest tanker fleets


DP World Creates $3.7 bln Investment Vehicle

File Image: A modern DP World operated intermodal terminal (Credit DP World)

Dubai ports operator DP World said on Monday it was partnering with Canadian pension fund manager Caisse de dépôt et placement du Québec to create an investment vehicle worth US$3.7 billion that would invest in ports and terminals worldwide.  


Fisheries Subsidies in Major Non-EU Fishing Nations

Image: The European Commission

 A new study for the European Commission compiles data and information on fisheries subsidies within six of the world's major fishing countries: Japan, South Korea, Taiwan, China, Russia and the United States.   The study finds that subsidies for catch fisheries play a significant role


WFSA Ferry Safety & Technology Conference set for May

File Image (CREDIT: WFSA)

Mark your calendars- Ferry Safety & Technology Conference, May 11- May 12, in New York.   The Worldwide Ferry Safety Association is now gearing up for its 2017 Ferry Safety & Technology Conference, which will be held May 11 – 12


Ship Breaking Hazardous Waste Disposed off Safely at Alang Yard

File Photo: A.P. Moller - Maersk

 All the hazardous waste generated in ship recycling at Alang are being disposed off in safe and environmentally sound manner in Gujarat Pollution Control Board authorized Treatment, Storage and Disposal Facility (TSDF) site operated by Gujarat Maritime Board.   


India Readies Draft Inland Vessels Bill, 2016

Indias Minister of State for Shipping Mansukh L. Mandaviya. Photo: Press Information Bureau, Government of India

 The following are the salient features of the draft Inland Vessels Bill, 2016 of India.   The Draft Inland Vessels Bill, 2016 covers the Preamble and has 16 parts i.e. Part I to Part XVI. The salient features are:   1.         Part I- enables the Central


First Norwegian Vessel to Comply with New IMO Polar Code

From left to right: Tom Karlsen, technical director Simon Møkster Shipping AS, Bernt Thoresen, Norwegian Hull Club, Bodil Pedersen Senior advisor, Norwegian Maritime Authority, Anne Jorunn Møkster, Chief Executive Officer and Managing Director, Simon Møkster Shipping AS, Jon Rysst, Senior Vice President and Regional manager, DNV GL – Maritime. Photo: DNV GL

 After a successful approval process and survey, DNV GL and the Norwegian Maritime Directorate have issued the first polar ship certificate to the Norwegian platform survey vessel M/V Stril Polar owned by Simon Møkster Shipping AS.  


Market Forces Down Ship Operating Costs

© chrisberic / Adobe Stock

 The cost of operating cargo ships has fallen for two successive years but is forecast to rise in 2017 and beyond, according to the latest Ship Operating Costs Annual Review and Forecast 2016/17 report published by global shipping consultancy Drewry.  


Renewal Time for CLC, Bunker, Athens and WRC Certificates

Photo: Danish Maritime Authority

 Time has come for most shipowners to apply for renewal of their CLC, Bunker, Athens and Wreck Removal Certificates from the Danish Maritime Authority. Certificates must be renewed when the underlying insurance expires.   Ships subject to a requirement for a certificate are not allowed


Iranian Fleet Regains P&I Insurance

Pic: Islamic Republic of Iran Shipping Lines

 A large portion of Iran’s shipping fleet has regained Protection & Indemnity (P&I) insurance from Steamship Mutual, reports Mehr News Agency. Steamship Mutual, said in a statement that a considerable number of Iranian vessels have taken out insurance form the company.


The American Club Celebrates Its Centenary

	Joe Hughes, Chairman and CEO of the American Club’s managers, Shipowners Claims Bureau, Inc. (Photo:  American Club)

The American P&I Club was founded in New York nearly a century ago. To celebrate its first 100 years, a book entitled The American Club: A Centennial History has just been published.   The book tells the story of the Club across ten decades of maritime and marine insurance history both


Maritime Crimes On The Rise, Says BIMCO Experts

Pic: United Nations Office on Drugs and Crime

 Industry security experts have concluded that maritime crime will not be stopped any time soon – and that cyber incidents would continue to expand in frequency and severity.   This was the consensus at BIMCO’s first ever Maritime Security Seminar in Copenhagen.  


Hanjin Creditors Oppose Terminal Sale

Photo: Hanjin Shipping Co. Ltd

 US creditors of Hanjin Shipping Co. Ltd.  objected to the Korean courier’s efforts to secure a New Jersey bankruptcy court approval of an asset sale to Mediterranean Shipping Co (MSC), reports WSJ.   Geneva-based MSC, the world’s second largest container operator by


American Hellenic Insures 1,000 Vessels

Photo: American Hellenic Hull Insurance Company

 American Hellenic Hull Insurance Company (AHHIC) has already provided cover for 1,000 vessels managed from Europe, the Americas and Asia, said said Vincent Solarino, Chairman of the Board of Directors of AHHIC and President and COO of Shipowners Claims Bureau, managers of the American Club.


Insurance Gaps Leave Shipping Exposed to Cyber Attacks

File Image: A Maersk product tanker underway (CREDIT: Maersk)

Ships exposed through GPS systems, have limited back-up; cyber insurance typically doesn't cover jamming, property damage.   Shipping companies grappling with the threat of cyber attacks on vessels are finding insurance policies often fall short, officials involved in both industries say


IMO Welcomes Financial Security Obligations for Seafarers

Photo: International Maritime Organization (IMO)

 International Maritime Organization (IMO) Secretary-General Kitack Lim has welcomed the entry into force today (18 January) of new obligations under the Maritime Labour Convention (MLC 2006) which require shipowners to have compulsory insurance to cover abandonment of seafarers






 
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