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Appropriate Insurance News

09 Dec 2022

Deepening Turkey Tanker Logjam Snarls Russia Oil Sanctions

Turkey emerged as a critical stumbling block to a complex international plan to deprive Russia of wartime oil revenues as the number of tankers waiting to exit the Black Sea through Turkish straits continued to rise on Friday.Ankara has declined to scrap a new insurance inspection rule it implemented at the beginning of the month despite days of pressure from Western officials frustrated by the policy.A total of 28 oil tankers are in a queue seeking to leave the Bosporus and Dardanelles straits, the Tribeca shipping agency said on Friday.G7 wealthy countries, the European Union and Australia agreed to bar providers of shipping services…

09 Dec 2022

Oil Price Cap Not to Blame for Turkey Tanker Queues, EU says

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The Group of Seven countries' price cap on Russian oil is not responsible for a queue of tankers waiting in the Black Sea to pass through Istanbul's Bosphorus Strait on the way to the Mediterranean, the European Commission said. The number of vessels queuing in the Black Sea increased on Friday to 20, according to the Tribeca shipping agency, amid talks to disperse the build-up. Since the start of the month, Turkey has required vessels to provide proof of insurance covering their transit through the Bosphorus strait or when calling at Turkish ports, which is causing a logjam.

09 Dec 2022

20 Oil Tankers Wait to Cross Istanbul's Bosphorus Strait

©Wilding/AdobeStock

One more tanker took to 20 on Friday the number of vessels waiting in the Black Sea to pass through Istanbul's Bosphorus Strait on the way to the Mediterranean, the Tribeca shipping agency said, amid talks to disperse the build-up.On Thursday, dismissing pressure from abroad over the lengthening queue, Turkey's maritime authority said it would continue to keep out of its waters oil tankers that lacked the appropriate insurance letters, and it needed time for checks.Eight tankers were also waiting for passage through the Dardanelles strait into the Mediterranean…

08 Dec 2022

Why Are Oil Tankers Stuck in Turkish Waters?

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Turkey's maritime authority said on Thursday it would continue to block the passage of oil tankers that don't carry appropriate insurance letters, adding that insurance checks on ships in its waters were a "routine procedure".The logjam is creating growing unease in oil and tanker markets and comes as the G7 and European Union introduce a price cap on Russian oil.Millions of barrels of oil per day move south from Russian ports through Turkey's Bosphorus and Dardanelles straits into the Mediterranean.Here are key facts about the issue.Ships typically have protection & indemnity (P&I) insurance…

08 Dec 2022

Turkey Says to Continue Blocking Oil Tankers Without Proper Insurance

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Turkey's maritime authority said on Thursday it would continue to block the passage of oil tankers without appropriate insurance letters, adding that the insurance checks on ships in its waters was a "routine procedure."A Turkish measure in force since the start of the month has caused shipping delays. It requires vessels to provide proof of insurance covering the duration of their transit through the Bosphorus strait or when calling at Turkish ports.(Reuters - Reporting by Ece Toksabay and Can Sezer; Editing by Jonathan Spicer)

07 Jun 2019

Crew and Owners of 293 Vessels Honored

ABS, the global provider of classification and technical advisory services to the marine and offshore industries, said that it has continued its long-standing backing of the Amver Awards by sponsoring a ceremony recognizing the contribution of Norwegian shipping to the unique reporting system supporting search and rescue efforts for those in distress at sea.Hosted at the U.S. Ambassador’s Residence in Oslo, the ceremony saw 293 vessels from 33 Norwegian shipowners and operators honored for their commitment to maritime safety, making themselves available to assist in search and rescue activities anywhere in the world.“The Amver awards are a fantastic way of recognizing the brave men and women who operate the global fleet and assist people in peril at sea.

10 Sep 2017

Wreck Removal Treaty Comes into Force in Singapore

Skuld Singapore  has reminded all members that Singapore has ratified the Wreck Removal Convention (WRC) which entered into force in Singapore on 8 September 2017. "As members will be aware, the WRC requires among other matters owners of ships over 300 GT to have in place insurance to cover the costs of wreck removal. Skuld, like all the clubs within the International Group, has appropriate wreck removal cover available to their members," said a statement from the international mutual marine insurance company. Owners of ships that call at ports of States which have already ratified the WRC and which mandate production of an insurance certificate (the "Blue Card") as a port entry requirement…

17 Jun 2013

Cargo Morphs in New Directions

After a decline during the recession years, U.S. exporters today are pleased with the record-breaking value of overseas shipments. At the same time, they are learning to cope with shipping cargo that can be far different than the types of goods sold in the past. Looking back just a few years, exporters could often count on freight that was neatly contained and relatively impervious to long journeys. Today, they may be faced with goods that require special handling, or cargo with distinctive characteristics that must be taken into account during transit. Getting cargo from ‘Point A to Point B’s has never been more challenging – and shippers who are caught unprepared may see loss claims soar and their business reputation damaged.

29 Sep 2011

Bad Vibrations Lead to Costly Dispute for Shipmanager

International Transport Intermediaries Club (ITIC) has emphasised the importance of shipmanagers using the right contracts and having appropriate insurance in place to cover the legal costs of defending even weak claims. In the latest edition of its Claims Review, ITIC relates the case of a shipmanager which took on the management of a vessel. One of its duties under the BIMCO Shipman 98 management agreement was to provide crew for and on behalf of the owners. In 2004, while the vessel was heading towards Shanghai…

12 Nov 2009

Strong Winds Hit Haiyangshiyou 113

CNOOC Limited announced that the Floating, Production, Storage and Offloading (FPSO) vessel Haiyangshiyou 113 shifted from its moorings by strong winds in the Bohai Bay area, has been safely secured. There were no injuries or oil spills. Operations at the BZ25-1/BZ25-1South oilfields were shut-in on November 10 as a safety precaution during the strong winds, and recovery activities are now being remobilized BZ25-1/BZ25-1South oilfield is a joint project developed with Chevron. CNOOC Ltd. holds 83.8% of interest and acts as the Operator. Before this incident, the production capacity of BZ25-1/BZ25-1South oilfield was approximately 27,000 barrels per day. The company maintains appropriate insurance coverage of the operations related to the oilfield. (www.cnoocltd.com)

11 Sep 2008

Insights: John Witte Jr., American Salvage Association

What are your thoughts on the recent collision that occurred on the that resulted in hundreds of thousands of gallons of fuel oil to spill and the requisite closure? JW:      The is a very busy waterway. While the US Coast Guard and local authorities make every effort to manage the waterway in a safe and efficient manner, there are times that accidents do in fact occur. The inland towing industry has one of the very best safety and environmental records, so this was one of these situations.