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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


Iranian Maritime Knowledge Hub to Open

 The Iranian Maritime Industry Knowledge Hub will be soon opened up and ready to use by public in the area of shipping and offshore industry.   Reza Mohammad Alibeike, member of The Institute of Marine Engineering, Science and Technology (IMarEST), said


Iranian Tankers Free to Enter International Ports

Photo: National Iranian Tanker Company

 Restrictions on Iranian tankers’ insurance have been removed and the country’s crude carriers are now allowed to enter any oil terminal in the world, National Iranian Tanker Company (NITC)'s CEO Ali Akbar Safaee said.  


Salvage & Wreck Removal Conference Presents an Upbeat Mood

Salvage & Wreck Removal Conference Session in progress Photo JRF

The verdict at the 5th India Marine Salvage and Wreck Removal Conference of Hinode held this time in Mumbai last week was clear and unanimous. The presentations as well as the deliberations highlighted an upbeat atmosphere indicating the growing prospects for salvors on the India’s 7516 KM


IACS Recommendations for Emergency Response

Courtesy IACS

Following a further round of discussions on 'Places of Refuge' at the IMO last week, prompted by a submission from the EU Member States, the European Commission, shipowners and the maritime insurance industry, IACS today published recommendations addressing the minimum support services for vessels


Manage and Mitigate Risk on the Water

Tracy Markowski

Strengthening your marine insurance   Early in the morning on August 29, 2005, Hurricane Katrina struck the Golf Coast of the United States. Hurricane Katrina was the worst insured loss event in the history of insurance anywhere in the world. It was bigger than 9/11


XL Catlin Unveils Cargo Insurance Policy

Anne Marie Elder (Photo: XL Catlin)

XL Catlin’s Americas Marine business has introduced its first new marine product, an insurance policy to offer cargo insurance coverage on a domestic, foreign or worldwide basis.   According to Anne Marie Elder, Chief Underwriting Officer of XL Catlin’s Americas Marine business


ITIC to Pay Continuity Credit for 21st Year in Succession

Stuart Munro (Photo: ITIC)

For the 21st year in succession, International Transport Intermediaries Club (ITIC) is to pay a continuity credit to all those members who renew their insurance cover during the 2016 policy year, which begins on June 1, 2016.   The CEO of ITIC, Stuart Munro, explains


Crowley Combining Puerto Rico Facilities

Photo courtesy of Crowley

Further reinforcing its commitment to the Puerto Rico market, Crowley Maritime Corp. is enhancing its total suite of shipping and logistics solutions for consumers and businesses with the consolidation of its Caribbean logistics services into a single new facility in Guaynabo, Puerto Rico.


LOC, Studio Navale Canepa Join Forces

Courtesy LOC Group

Leading international marine and engineering consultancy LOC Group has announced a collaboration agreement with marine survey experts Studio Navale Canepa (SNC) of Italy. Together the two organisations are combining expertise and their global networks to offer unrivalled casualty services to the


LOC Group Partners with Studio Navale Canepa

Marine and engineering consultancy LOC Group and marine survey experts Studio Navale Canepa (SNC) have entered a collaboration agreement whereby the two organizations will combine expertise and global networks to offer casualty services to the Italian market.  


Iran Struggles to Find Enough Ships for Oil Exports

Photo: National Iranian Tanker Company

Iran faces a struggle to increase oil exports because many of its tankers are tied up storing crude, some are not seaworthy, and foreign shipowners remain reluctant to carry its cargoes.   Tehran is seeking to make up for lost trade to Europe following the lifting of EU sanctions imposed in


Anticipating Market Change Crucial for Industry - Braemar

(l to r) James aBeckett, Head of Dry Cargo Broking Braemar ACM; Denis Petropoulos, President Braemar Group Asia; and Peter Ryan, Head of Consultancy Braemar Incorporating the Salvage Association. Photo Braemar Group

Being in a position to accurately anticipate change in the shipping markets is becoming ever more crucial for maritime service providers, as owning principals demand more solutions to the problems created by over-ordering, according to Braemar Group Asia President Denis Petropoulos.


Faulkner Joins Braemar SA as Manager

David Faulkner Courtesy Braemar

Braemar (incorporating The Salvage Association) has appointed David Faulkner as ‘Manager, Ports and Harbours (Middle East)’. David is a Master Mariner and pilot and will be based in the Braemar SA Abu Dhabi office. He has extensive experience in providing specialist port


Bureau Veritas Acquires TMC Marine

Bureau Veritas has acquired international consultancy TMC Marine Ltd.    TMC has provided pre- and post-casualty advice and support to the marine industry since 1979. The business focuses on marine claims and accident investigations


Strikes Cause Stoppage in Greek Ports

A 48-hour strike by the Seamen’s Union in Greece is expected to affect all domestic and local ferry routes as well as commercial vessels calling at Piraeus, Aspropyrgos, Eleusis, Pachi and Megara ports for cargo discharging, advises Inchcape Shipping Services (ISS).  






 
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