The Cost of War

Monday, August 27, 2001
There was a predictable outcry against the London-based War Risk Rating Committee for imposing a huge surcharge on sailings to Sri Lanka following the suicide bombing at Bandaranaike Airport last month, never mind that the surcharge was subsequently cut by a factor of ten. It has been estimated that the total insurance bill for the bombing will wipe out thirty years of the world's total hull aviation premium income in one go. If true, this proves just one thing - that aviation rates are too low. It also overlooks one other thing - that all the needless war risk premiums paid over the years in the hull, cargo and aviation markets would comfortably fund a number of Bandaranaike claims. www.lloyds.com

Excerpted from Maritime Advocate Online, sponsored by Barcelona lawyer Ignacio de Ros, a specialist in ship arrest, and is distributed free by email to maritime professionals throughout the world. www.maritimeadvocate.com. Ignacio Ros can be contacted at: office@ignacioderos.com

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navy

Libyan War Plane Bombs another Tanker

A fighter jet operated by Libya's military force backed attacked an oil tanker that was about to anchor in the northern city of Sirte, reports local media.   Lt Gen.

US Navy Submarine to be Named USS New Jersey

The U.S. Navy's next Virginia-class attack submarine will bear the name USS New Jersey, says AP reports.   U.S. Secretary of the Navy Ray Mabus hosted a ship-naming

USS George Washington Completes Carrier Qualifications

Carrier Air Wing (CVW) 5 and the Nimitz-class aircraft carrier USS George Washington (CVN 73) completed its carrier qualifications (CQ), May 23. CQ allows

Finance

Vinalines Plans Ports Divestment

The Vietnam National Shipping Lines (Vinalines) and the Ministry of Transport (MOT) hope the plan to reduce the state’s ownership ratio in the big shipping firm

Dubai Establishes Maritime Arbitration Centre

The Dubai Maritime City Authority (DMCA) is in the final stages of completing the rules for the first maritime arbitration centre in the Middles East: the Emirates

Gener8 Maritime to Go Public

Private equity-backed tanker operator Gener8 Maritime filed with the U.S. Securities and Exchange Commission (SEC) to proceed with an initial public offering worth up to $100m.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1550 sec (6 req/sec)