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 Cook Islands has acceded to the Nairobi International Convention on the Removal of Wrecks, 2007 (“The Nairobi Convention”). As a State Party, Cook Islands will issue Wreck Removal Certificates to its own ships and also to ships flying the flags of states that have not yet
The Liberian Registry said delivery of Wreck Removal Convention certificates is now faster and more convenient for shipowners following the launch if its new online application system. The system was set up to expedite shipowners’ compliance with the requirements of the Nairobi
Speaking during Baltic Transport Week in Gdansk this week Andrew Huxley, Development Director at freight transport insurance specialist TT Club, warned port and terminal operators to be aware of the reputational damage that can be a serious consequence of uninsured incidents resulting from
If you own a ship with a gross tonnage (GT) of or above 300, you must inform the Danish Maritime Authority about your insurance for maritime claims by 31 March 2015. The requirement does not apply to foreign ships. It is about time to check your insurance for maritime claims.
Specialist marine insurance intermediary Seacurus has launched a petro-piracy endorsement for ships operating in the South China Sea, Malacca Straits, Indonesian Archipelago and Gulf of Guinea. South-East Asia accounted for three-quarters of global maritime piracy last year
Bank of China and China Shipping Group (CSG ) signed a global strategic cooperation agreement worth $14 billion (RMB90bln) in Beijing yesterday to develop cooperation opportunities worldwide, especially in the Shanghai Free Trade Zone (FTZ).
A pirate attack that killed a supertanker crewman off the coast of Nigeria this week has highlighted a growing threat off oil-rich West Africa, as vessels carrying millions of barrels of crude traverse a region that has become known as "pirate alley".
The mega container ships raising concerns among vessel operators, insurers and regulators about the potential for catastrophic accidents. Shipping lines have sought to stay competitive by running larger, more fuel-efficient container ships in major shipping lanes
Dutch bank ABN Amro and China Export & Credit Insurance Corporation (Sinosure) have signed a memorandum of understanding (MoU) to develop business in the ship building sector. ABN Amro will provide local and sector knowledge in shipping and offshore transactions
The Texas Supreme Court on Friday ruled that BP Plc cannot claim about $700 million in insurance that was carried by offshore driller Transocean Ltd to cover the blowout of BP's Macondo well in 2010, the biggest offshore spill in U.S. history.
The World Ocean Council is partnering again with The Economist to help engage the ocean business community in upcoming events: For the third Arctic Summit, the WOC is working with The Economist to help ensure Arctic business community participation
German liner company Hamburg Sud said it expects to seal the acquisition of the container shipping operations of Chilean shipping group Compania Chilena de Navegacion Interoceanica [CCNI] by the end of March. Earlier, Hamburg Süd has confirmed the long-awaited signing of its
When a land-based contractor decides to work on water, risk can arise from unexpected places. It doesn’t have to be that way. In the past, companies involved in the marine industry, whether they were vessel operators, riggers, longshoremen, ship builders, repairers
The Harbour Master at Panjang has advised that ship owners must have marine insurance for shipwreck removal and/or protection indemnity. For all vessels of GT35 or more, the owner must have the vessel covered with Ship Body Removal insurance and or Lost Coverage.
The TT Club has alerted the supply chain industry to a persistence of claims in a handful of loss types. The international transport, freight and logistics insurance provider said it has found that 66% of its claims by number and 62% by value over a five year period can be categorized into just