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Maritime Insurance News

24 Feb 2023

Singapore Companies Should Manage Own Risks in Russian Oil Trade, Minister Says

© mrnai / Adobe Stock

Companies in Singapore will have to consider and manage any potential impact on their business activities, transactions, and customer relationships when dealing with Russian crude oil and refined products, a government official said on Friday.Russia's oil trade faces multiple restrictions imposed by the West and Moscow in the wake of the Ukraine war.The European Union has imposed bans on Russian crude and oil products imports while the Group of Seven nations, EU and Australia agreed to ban the use of Western-supplied maritime insurance, finance and brokering for seaborne Russian oil priced abo

13 Dec 2022

Smart Sanctions: West Targets P&I Clubs to Limit Russian Shipping

© lotusstock / Adobe Stock

The European Union and the United States are now targeting maritime protection and indemnity (P&I) insurance clubs to limit Russian shipping capacity and cap the price of its oil, meaning we’re finally beginning to see some smart sanctions for a stupid war.P&I clubs are maritime insurance groups that specialize in open-ended, large-risk claims. P&I insurance is a requirement for all heavy cargo and container vessels. Under the new sanctions, European P&I clubs can no longer offer insurance to a vessel carrying Russian oil at a price higher than $60 a barrel.Since February 2022…

01 Jun 2022

Marine Insurance: CyNav for Ports & Terminals

Copyright metamorworks/AdobeStock

WTW has launched CyNav for Ports and Terminals, a cyber solution specifically designed to help address the escalating cyber risks faced by owners and operators in this strategically vital sector of the global maritime supply chain. The release of CyNav for Ports and Terminals is a direct response to growing calls from operators for a bespoke product that addresses the specific risks faced by their high-value asset class and closes the gaps found in the standard cyber policies of today’s insurance market.Due to the outsized role its practitioners play in supporting the global economy…

02 Feb 2021

Geollect Wins ADMIRALTY Maritime Insurance Innovation Challenge

© harlequin9 / Adobe Stock

The UK Hydrographic Office (UKHO) announced geospatial intelligence technology provider Geollect as the winner of the second ADMIRALTY Marine Innovation Program challenge.Launched last year in collaboration with RE_SET, the program aims to help start-ups and innovators develop new solutions that support safe, secure and thriving oceans. The program’s second innovation challenge focused on ‘Transforming Maritime Risk & Insurance’, with entrants tasked with identifying, trialing and proving how marine geospatial data can be used to enhance maritime insurance products.For this challenge…

28 May 2020

US Maritime Sanctions Advisory: Navigating Choppy Waters

A North Korean-flagged tanker conducts a ship-to-ship transfer with a vessel of unknown nationality in November 2019. (File photo: Japanese Ministry of Defense)

In May 2020, the US Department of State, US Department of the Treasury’s Office of Foreign Assets Control (OFAC), and US Coast Guard issued a joint Sanctions Advisory for the Maritime Industry. The advisory builds on and expands several prior sanctions advisories for the maritime community issued in 2018-19.The advisory is intended as a guidepost to help participants in the maritime sector achieve the desired level of compliance. Most of the guidance is couched in the language of suggestion (e.g., parties “may wish to consider…”), rather than as a mandate.

14 Feb 2019

European Marine Insurance Firms Join Forces

Italian worldwide leading broker for marine insurance Cambiaso Risso Group has signed a strategic partnership agreement with French insurance broker Siaci Saint Honore to foster a strong positioning in their markets.The deal will be subject to approval by the competition authorities in some of the 42 countries in which the two companies are active and will come into effect in the second quarter. It will give birth to the world’s top three marine insurance broker in the world, and second in Europe.President Marco Risso and Chief Executive Officer Mauro Iguera will keep their respective positions within Cambiaso Risso,  and will take major…

09 Nov 2018

Ferry Safety and Technology Conference set for February in Bangkok

A depiction of last year's contest winner (CREDIT: WFSA)

The 5th Annual Ferry Safety and Technology conference will be held in Bangkok Thailand on February 20‐22, 2019. The conference is designed to showcase the best practical technologies to improve safety particularly‐ but not solely, for the developing world.The conference is co‐hosted by the Worldwide Ferry Safety Association (WFSA) and the famed Chao Phraya River Boat Co. The conference features good news on multiple fronts: new high‐quality ferry systems; new development of inland waterways making them safe for ferries in India and Bangladesh (in a presentation by the World Bank)…

04 Jan 2018

Hong Kong to Host Global Maritime Forum Inaugural Annual Summit

Hong Kong is chosen to host the Global Maritime Forum’s inaugural Annual Summit on 3-4 October 2018. The high-level meeting will convene key industry leaders with policymakers, experts, NGOs and other influential decision-makers and opinion shapers. Their task will be to share their ideas on the challenges facing the maritime industry and to develop practical proposals to optimise global seaborne trade, thereby increasing sustainable long term economic development and human wellbeing. “We look forward to welcoming the world’s maritime decision-makers to Hong Kong. Like the ocean, the challenges and opportunities that the maritime industry is facing transcend country borders. They are inherently global and the only way to meet them is to join forces and find solutions in unison.

19 Oct 2017

The Complicated Business of Marine Construction Worker Claims

© Goodluz / Adobe Stock

The right insurance policy could help you stay above water after a workplace incident. The day-to-day job of marine construction workers has many potential hazards. While restoring shorelines, dredging harbors, repairing bridges and building docks, they often operate heavy machinery. Manning cranes, forklifts and excavators day or night, it is not uncommon to work in sweltering heat, freezing cold temperatures and an array of other challenging weather conditions. With all of this in mind…

27 Apr 2017

MPA Honors Patrick Phoon

Ocean transportation firm, “K” Line Pte Ltd, and Patrick Phoon, Deputy Managing Director of Evergreen Shipping Agency, received the International Maritime Centre (Corporate) Award and the International Maritime Centre (Individual) Award respectively. The Maritime and Port Authority of Singapore (MPA) has honoured ten industry partners who have made outstanding contributions to Singapore's development as a premier global hub port and a leading international maritime centre at the Singapore International Maritime Awards (IMA) 2017. Kawasaki Kisen Kaisha, Ltd (“K” Line) started out as a representative office in 1973. Since then, “K” Line’s business activities have grown to include ship operations, ship management and ship agency.

14 Mar 2017

Ferry Safety and Technology Conference 2017

CREDIT: Mitch Waxman

There is a convergence of new advances in technology for ferries AND quantum leaps in ferry operations in Asia, Africa and North America. Can operating a ferry be made better safer and cheaper? Yes, says technology. What’s exciting about this year’s Ferry Safety and Technology conference, the Third Annual, is the promise of technology – how telematics, affordable sensors, and graphic visualization – enhance safety, and vastly benefit the quality and cost of operations. This isn’t a conference for nerds and geeks – it’s for those of who need to use technology to understand it.

29 Sep 2016

VGM Grace Period Ends October 1

File photo: Port of Savannah

The three-month settling-in period suggested by the IMO to its Member States in which competent authorities were urged to adopt a ‘practical and pragmatic’ approach to the enforcement of the SOLAS revision stipulating all packed containers have a verified gross mass (VGM) before being stowed aboard a ship comes to an end on October 1. Long-time champion of the cause of safer container transport and a leading insurer of the international freight industry, TT Club believes that…

14 Jul 2016

Cybersecurity On Ships: New Guidelines

Companies are becoming increasingly alive to the importance of cyber-security and the need to protect themselves against the risk of cyber-attacks; the marine sector is no exception, says Clyde & Co’s Shipping Newsletter. Earlier this year, BIMCO published guidelines to assist the shipping industry identify, prevent and mitigate the risk of such attacks on board ships. The guidelines, which are the first to address this issue specifically, were jointly produced by BIMCO, Cruise Lines International Association, the International Chamber of Shipping, INTERCARGO and INTERTANKO with support from the International Union of Maritime Insurance, ship managers, security and cyber-security companies, and ship owners and operators.

27 May 2016

IACS Recommendations for Emergency Response

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 in need of operational technical support, including vessels in need of a Port of Refuge. These recommendations will be of value to all shipowners, operators and managers when choosing an emergency response service provider by clearly establishing the minimum level of support the service provider can be expected to deliver. By choosing a service provider that meets all the IACS recommendations…

14 Mar 2016

Hong Kong's Maritime Industry in Cross Road

The total port cargo throughput of Hong Kong has seen a sharp decrease of 13.8% in 2015, amounting to 256.6 million tonnes, according to the Hong Kong Census and Statistics Department. It is the biggest year-on-year drop in the past 10 years. Further statistics from the department shows that year-on-year decrease in port cargo throughput were also recorded in 2009 and 2012, falling 6.3 percent and 2.9 percent respectively, when the world economy was hit by financial tsunami and Europe's debt crisis. Within this total, inward and outward port cargo decreased by 7.5% and 17.4% respectively. The seasonally adjusted series enables more meaningful shorter-term comparison to be made for discerning possible variations in trends.

09 Feb 2016

N.Korea Shipper Skirts UN Sanctions, Gets Port Access

A U.N.-blacklisted North Korean shipping company continues to evade sanctions through its use of foreign-flagged ships, name changes and other means of obfuscation, according to a new report by United Nations monitors. The U.N. Security Council's Panel of Experts on North Korea, which monitors implementation of sanctions on Pyongyang, also said the reclusive communist nation has continued to export ballistic-missile technology to the Middle East and ship arms and materiel to Africa in violation of U.N. restrictions. "Given the stated intentions of (North Korea), it continued efforts to enhance the scope of its nuclear and missile programs ...

11 Sep 2015

London Tops Xinhua/Baltic Exchange Index for Maritime Services

London has come top of a listing of maritime service centres published by the Baltic Exchange and Xinhua, China’s news agency, whilst Singapore heads the overall list for its combined port and maritime services offering. The International Shipping Centre Development Index (ISCD) covers 46 of the world’s largest ports and cities and is designed to bring clarity to investors and governments on the relative performance of shipping centres around the world. London makes second place on the overall index, closely followed by Hong Kong. All three cities have large port facilities and support comprehensive maritime business service sectors. Shanghai has moved up to sixth place, overtaking Dubai. Tokyo has dropped out of the top ten with Athens taking its place at number ten.

25 Aug 2015

SUNY Maritime to Host e-Navigation Conference

It is likely that regions like the Baltic, the North Sea, the Strait of Malacca, Torres Strait and other areas will implement e-Navigation services that modern ships transiting these areas will be required to subscribe to. This will have the effect of requiring such ships to implement e-Navigation even without a formal IMO carriage requirement. Ships transiting the St Lawrence Seaway are already using e-Navigation services. The U.S., too, is making plans to implement certain e-Navigation Services in its coastal and inland waters. The maritime insurance industry is starting to realize that proper implementation of e-Navigation will improve their general average and is considering avenues to encourage their customers to implement e-Navigation.

09 Apr 2015

How to Approach Maritime Cyber Security

Luke Ritter

Maritime security professionals understand the value of a layered approach to risk management. Cyber security posture continues to develop as a critical component of a maritime security strategy, and cyber security insurance has become a valuable layer of protection that risk managers must consider. While the insurance industry has decades or more of actuarial data on various kinds of risk (typhoons, tornados, earthquakes, etc.), no such substantive data exists yet for cyber risk.

08 Oct 2014

Ebola Fears Hit the Maritime Market

Brazil, Argentina and the United States have tightened port entry procedures for ships that have sailed from West Africa in a bid to control the potential spread of the deadly Ebola virus. Ebola has killed more than 3,400 people in Guinea, Sierra Leone and Liberia, and its spread has become a global concern -- with worries for trade, which could affect the airline and tourism industries together with seaborne activity. The virus is already threatening to disrupt logistics activity…

29 Jul 2014

London Shipping Professionals Weigh in for SPNL Report

Claudio Chiste & Gustav Ellingsen

The Shipping Professional Network London (SPNL) has  released their full Future London report, an initiative that gathered the views and opinions of London’s young shipping professionals on what needs to be done for London to retain and improve its position as a global maritime capital. The report was led by Gustav Ellingsen, SPNL Immediate Past Chair and Claudio Chiste, SPNL Chairman who works at Investec Shipping & Marine Finance. “The driver behind the SPNL Future London project…

16 Jan 2014

Hong Kong Plans to Add High-Value Maritime Services

Image credit HK PDC

In his annual policy address to the Hong Kong SAR Legislative Council, Chief Executive C Y Leung pledged that the Government would continue to improve port facilities and enhance the efficiency of port operations, thereby seizing the opportunities brought by the growth of trade in the Mainland and Asia. "The logistics industry has flourished in recent years. Ten hectares of land have been set aside in Tuen Mun West for logistics use. Land will also be earmarked in new development areas for the construction of modern logistics facilities.

19 Aug 2013

Fidelis Launch Inland Marine Division

Fidelis logo

Fidelis Group Holdings, through its subsidiary company Continental Underwriters, Ltd., a national marine Insurance coverage and service leader, announced today the formation of its new Inland Marine Division. Ed Helfers and Lisa Uzzo named Managing Directors. The new Inland Marine division will be based in the Company's New York office. H. Elder Brown, Jr., FGH's Chairman and Chief Executive Officer, said in a company statement, "We are excited to bring very senior, experienced talent into this new division of the Company.