Smart Sanctions: West Targets P&I Clubs to Limit Russian Shipping
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…
UK Marine Engineering Consultancy Secures Investment
LOC Group Ltd (incorporating London Offshore Consultants) – a leading global marine engineering consultancy – has secured a minority external investment from Bridgepoint Development Capital (BDC). Financial details of the investment were not disclosed. Established in 1979, LOC Group operates from 30 offices located around the globe across six continents and is owned by its employees using a quasi-partnership model. Headquartered in London, LOC employs over 400 staff including master mariners, naval architects, and marine and structural engineers. In its energy division, LOC is a top three global provider of marine warranty surveys for the transport and installation of offshore capital equipment with customers comprising oil & gas majors, independents and national oil companies.
Morris Challenges Owners To Fight Slave Ships
A former Australian transport minister challenged oil tanker owners, who were meeting in Sydney on Tuesday, to join him in the fight against "slave-ships", which still thrive in the world's shipping trades. At the end of a vigorous debate on corrosion in tankers, Peter Morris challenged the industry to take more interest in its human resources. "You've all been worrying about the rates of corrosion of metal, but what about the corrosion of lives?" he asked. "I think you and I are going to be working very closely in the future," he told Intertanko chairman Westye Hoegh. Morris, transport minister from 1983 to 1987 in Bob Hawke's Labor government…
