Insurance Cost News

Crowley Maritime appointed Parker Harrison to its leadership team as senior vice president of procurement and risk management, effective Jan. 1, 2019. Harrison, former VP of procurement, will continue to be based at the company’s headquarters in Jacksonville, and will report to Bill Pennella, vice chairman and executive vice president.In her new role Harrison will work across all of Crowley’s business units to strategically align risk management functions while continuing the company’s procurement transformation into a strategic center-led competency.

DGS Marine, a leading global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I facility, has highlighted the benefits of fixed premium P&I cover for ship owners and operators in the Middle East. David Skinner, Managing Director of DGS Marine Group, was speaking at the Seatrade Middle East Maritime conference in Dubai, where DGS Marine was a leading sponsor. Discussing the growing appeal of alternative models of P&I cover to ship owners in the Middle East, Mr. Skinner said: “Middle East ship owners face the same global challenges, with tough market conditions, including low freight rates, high fuel costs and the burden of new regulations, placing pressure on balance sheets.

Even with a multi-national flotilla of warships, armed security guards on merchant ships, and phalanxes of lawyers making policy and negotiating ransoms, seemingly unsophisticated Somalis and their small, simple skiffs still attack ships on the high seas and hold seafarers, ships and cargos for ever-growing sums of money. Rear Adm. Terry McKnight, a retired naval officer, had a front row seat in the effort to deter and defend against piracy on the high seas. McKnight, who with Michael Hirsh wrote Pirate Alley – Commanding Task Force 151 Off Somalia…

Danaos Corporation (NYSE: DAC), international owner of containerships, reported unaudited results for the fourth quarter and the full year ended December 31, 2008. •    Net earnings on a comparable basis1 from continuing operations of $25.5 million or $0.47 per share and $118.7 million or $2.18 per share for the quarter and the year ended December 31, 2008, respectively, compared to $25.5 million or $0.47 per share and $107.2 million or $1.96 per share for the respective periods of 2007. •    Net earnings on a reported basis from continuing operations of $23.8 million or $0.44 per share and $117.1 million or $2.15 for the quarter and the year ended December 31…

Danaos Corporation (“Danaos”) (NYSE: DAC), a leading international owner of containerships, reported unaudited results for the period ended September 30, 2008. •    Net earnings from continuing operations of $28.0 million or $0.51 per share and $93.2 million or $1.71 per share for the quarter and the nine months ended September 30, 2008, respectively, compared to $25.5 million or $0.47 per share and $78.4 million or $1.44 per share for the respective periods of 2007. •    Operating revenues from continuing operations of $76.4 million and $220.2 million for the quarter and the nine months ended September 30, 2008, respectively, compared to $62.6 million and $187.5 million for the respective periods of 2007.

William Pennella, vice chairman and executive vice president of Crowley Maritime Corporation, announced today that Dwight Menard has been promoted to vice president of risk management effective Dec. Menard will be responsible for the company’s global insurance program; management of Beacon Insurance Company, Ltd; supporting the risk management and insurance requirements of Crowley’s four business lines; allocation of insurance cost and administration/management of the claim, insurance and contract review/approval processes. Menard will remain domiciled in Jacksonville and report to Pennella. Menard’s promotion is the final step in the two-year effort to consolidate Crowley’s risk management functions in Jacksonville…

The 2002 Seatrade Cruise Shipping Convention and trade show will be held on March 11-15 at the Miami Beach Convention Center, Miami, Fla. It will provide cruise lines and suppliers a venue to exchange ideas on marketing and management, as well as the latest advances in ship operation, technology, and vessel design. In the wake of the September 11 terrorist attacks, the cruise industry is facing its most serious challenges in a decade. With a stagnant global economy, massive fleet redeployments and consumers wary of traveling, the 2002 Cruise Shipping Convention will provide a forum where cruise line executives and suppliers can find ideas, products and services to help them stay competitive in a harsh business climate.