Following its assessment of activity at this year’s Monaco Yacht Show, Dwight Tracy & Friends Yacht Sales announced expansion of its program for representing new construction shipyards, both in the U.S. and Europe. According to DT&F founder and CEO Dwight Tracy, “The current strength of the euro against the U.S. dollar, and the current situation in our domestic new yacht market, makes this a time of opportunity for European yacht buyers in search of first-quality vessels. The key, however, to a successful buying experience is to have representation that is knowledgeable and experienced. We’ve positioned ourselves with a New Build Program that is led by a former CEO of world renowned new build shipyard, Palmer Johnson Yachts. So, when we say that DT&F can deliver to a client the best and most successful new yacht purchase experience available, we really can. No ands, ifs, or buts.” According to New Build and Refit Program director Phil Friedman, the latest DT&F initiative is an omnibus menu of value-added services that includes initial concept development to project planning, build team coordination, project management, owner representation, and ancillary support in the areas of finance and insurance. Noted designers, naval architects and engineers, shipyards
The US Court of Appeals for the Seventh Circuit ruled that, under Michigan law, a builders risk insurance policy is a form of inland marine insurance and is controlled by the statute of limitations applicable thereto. For our purposes, the decision is probably most interesting in its historical analysis of the insurance industry and the division of casualty insurance into two large groups: fire insurance and marine insurance
Drydocks World, a service provider in the maritime industry, has announced the formation of the Dubai Council for Marine and Maritime Industries (DCMMI), a specialized non-profit trade and industry council to promote the interests of the marine and maritime industry in Dubai and the UAE. DCMMI represents a wide cross-section of the UAE’s marine and maritime industry such as Offshore & Engineering, Ship Repair & Maintenance, Shipbuilding & Conversion, and Rig building
Maritime Administrator William G. Schubert today announced that the Maritime Administration (MARAD) is now accepting applications for war risk insurance to cover commercial ship operations in the Middle East. President Bush authorized the Department of Transportation (DOT) to provide the insurance at the request of Transportation Secretary Norman Y. Mineta. U.S.-flag vessels are eligible, as are ships owned by U.S. companies
By Sharon Donovan When maritime liens turn up, an unsuspecting vessel owner and the lender can be left in the wake of a deal gone sour. But thanks to a new form of title insurance tailored to the maritime industry, owners, lenders and lawyers who might have green-lighted the transaction with a legal opinion are insulated from the potential risk. First American Transportation Title Insurance Co., a member of The First American Corp
Moore Stephens has further strengthened its regulatory advisory capability with the appointment of John Westlake as compliance manager. John Westlake has a broad perspective of the insurance industry acquired through a variety of roles, which has enabled him to support insurers and brokers in establishing effective compliance solutions. He has a strong commercial background, having acted as operations director with a personal lines insurer
P&I Insurance Seminar for Owners and Charterers held in Mumbai DGS Marine, a global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I Facility, has advised Indian shipowners to consider the benefits of fixed premium P&I cover. DGS Marine spoke at a P&I Insurance Seminar held in Mumbai, India last week and jointly hosted by DGS Marine Group and the British European and Overseas (BE&O) P&I Facility
Willis has named Chris Engstrom CEO of its Seattle office, one of the global insurance broker's leading U.S. operations. Engstrom brings tremendous local market knowledge and 16 years of insurance industry experience. He previously served as senior vice president for Wagle Insurance Companies in Seattle.
Three Vericor Power Systems’ TF™50 marine aeroderivative gas turbines have been selected to power the 118 Wallypower high-speed yacht being built by Intermarine Shipyard, Sarzana, Italy for Wally Yacht. This is Wally Yacht’s first foray into high-speed power yachts, and the company’s initial application of gas turbines. Wally Yacht, based in Monte Carlo, Monaco, is a world-renowned designer of high-speed sailing and power yachts.
NMMA in conjunction with Lauderdale Marine Center (LMC) and the National Fire Protection Committee on Spray Finishing, recently drafted and approved a new standard which reduces the fire risks of spray painting large objects, including yachts in temporary membrane enclosures. Temporary membrane enclosures are used in the marine industry to paint yachts that are too large to fit in a spray booth. The standard not only makes painting safer but eases the concerns of fire marshals and regulators
CoCo Yachts B.V. inks contract with Xunlong Shenzhen Ferry Company for one Coastal Cruiser 300 Xunlong Shenzhen Ferry Company has ordered a Coastal Cruiser 300 ferry from CoCo Yachts, a Dutch design company specializing in the design of aluminum catamarans.
A group of 40 enthusiasts from the maritime and insurance community in Singapore have come together, to undertake a 24 hour endurance sea challenge, all in aid of the global maritime welfare charity, The Mission to Seafarers. Mission Row Around Singapore Island (RASI)
The Ghana Navy has foiled a pirate attack on a Nigerian cargo vessel, MT Mariam and captured all eight bandits. The pirates were armed, but no one, including a nine-member crew aboard MT Mariam, was injured when the Ghana Navy crew aboard GNS BLIKA effected the arrest.
BHM Penlaw and Tactique Ltd have now joined forces to support their clients in exploiting an alternative sea route which reduces sailing distance by 4,300 nm and 10 days on transits between Europe and Asia. The Northern Sea Route, also known as the NSR, or Northeast Passage
Hinode Maritime Conferences have announced their "2nd Annual Conference on the Outlook for India's Seaborne Dry Bulk Trade". Considered the largest conference in India on Dry Bulk Trade to be held on January 22, 2015 at Hotel Vivanta by Taj-President Mumbai
The updated and revised “Rescue at Sea: A guide to principles and practice as applied to refugees and migrants” is now available for download. The guidelines, jointly prepared by the International Maritime Organization (IMO), the International Chamber of Shipping (ICS)
At 2:10 a.m. Jan. 3, 2015, while en route to Oranjestad, Aruba, Holland America Line’s ms Zuiderdam answered a distress call from the Bahamian inter-island vessel Excalibur that was sinking with eight crewmembers onboard. Zuiderdam was approximately 15 miles away and the
The World Ocean Council (WOC) has announced its 3rd Sustainable Ocean Summit (SOS) to be held on 9-11 November, 2015 in Singapore. The SOS is the only international, multi-sector, business event dedicated to “Corporate Ocean Responsibility”
The importance of shipping to world trade hardly needs stating, carrying as it does more than 9 billion tons of cargo each year in some 4,500,000 vessel movements. And while there have been major improvements in ship and operational safety over the past decades
The Affordable Care Act (ACA), otherwise known as Obamacare, the recent healthcare plan in the United States, is affecting the international superyacht industry, according to yacht insurance expert Eva Maria Karlsson of Superyacht Insurance Group (SYIG).
The Shipowners’ Club is a mutual provider of P&I insurance that has throughout its 160 year history been dedicated to serving owners of small and specialist ships. These vessels, active in a range of different operations, are at the lower end of the size spectrum and
Gamma Yachts has built its most customized Gamma 20 so far, with smart design from Vripack, to opera singer Andrea Bocelli. Gamma Yachts announced the delivery of 22.1-meter M/Y Libertas, the third in its Gamma 20 ‘mini’ super yacht series
Gavin Higgins has been appointed Chief Executive Officer of Ice Floe LLC dba Nichols Brothers Boat Builders (NBBB), the company announced today. Effective immediately, Higgins replaces Matt Nichols, one of the company’s founders who has served as CEO of NBBB since February 2012
The 126-foot research vessel M/V OCEARCH is currently making its way from Port Everglades, Florida to Brisbane, Australia on board DYT Yacht Transport’s semisubmersible ship 686’ flagship Yacht Express. The research vessel is the namesake of the nonprofit organization OCEARCH
BMT Asia Pacific, a subsidiary of BMT Group has appointed Joanne Tse as Head of Risk Management based in Hong Kong. The new appointment will help support the regional growth of risk consultancy services - principally in the transportation and construction sectors.