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Australia's nuclear-powered submarine program with the United States and Britain will cost up to A$368 billion ($245 billion) over the next three decades, a defense official said on Tuesday, the country's biggest single defense project in history.U.S. President Joe Biden, Australian Prime Minister Anthony Albanese and British Prime Minister Rishi Sunak on Tuesday unveiled details of a plan to provide Australia with nuclear-powered attack submarines, a major step to counter China's…

Gall Thomson has launched an innovative new automatic actuation system, promising to minimize safety risks associated with the manual emergency release of mooring systems during FPSO tandem offloading ocean towage, heading control, positioning and decommissioning-"PODx minimizes the risk of personnel injury, damage to equipment and subsequent downtime by remotely releasing mooring hawser chains under full load, quickly and safely," the company said.According to Gall Thomson, PODx utilizes release bolt technology that automatically separates on demand…

It is neither controversial nor new to say that co-assureds under a joint insurance policy cannot claim against each other in respect of a co-insured loss. It is taken to be an implied term and the possibility of financial claims between co-assureds is irrelevant: the insurer will pay. If there are only two, an owner and a charterer, in the contractual chain, and if the charterer is held liable, then the matter goes no further: the insurer covers the loss and there is no recourse claim to be pursued. However, what happens if there is a guilty third party and the insurer wants to pursue a subrogated claim (against, say, a sub-charterer on materially back to back terms) to recover its financial outlay?

Cosco Shipping Energy Transportation has entered into insurance services framework agreement with Cosco Shipping Insurance​ pursuant to which the latter will provide vessel-related insurance services to the Group. Cosco Shipping  Insurance is a wholly-owned subsidiary of Cosco Shipping , the Company’s indirect controlling shareholder. Accordingly, Cosco Shipping Insurance is a connected person of the Company, and the Insurance Services Framework Agreement and the transactions thereunder constitute continuing connected transactions of the Company. As the applicable percentage ratios under the Listing Rules for the Insurance Services Framework Agreement are more than 0.1% but less than 5%…

In October a number of trade bodies released a joint press release to formally announce a reduction of the High Risk Area (HRA). Insurance companies have said the reduction may not result in reduced insurance costs due to the assessment of insurance risk being dependent on such a wide and varying range of factors. "The Joint War Committee's (JWC) insurance notification area has always been different from the BMP/HRA and remains separate and unchanged for now. The JWC is scheduled to meet in December and will be mindful of the roundtable actions. It is impossible to say what action they will take, if any," said Neil Roberts from Lloyds Market association.

The International bodies have agreed to India’s efforts to push back the High Risk Area (HRA) from 78 degrees East longitude to the 65 degrees East longitude. This will result in huge savings for India’s EXIM trade and consumers on account of reduced insurance premium and consequently freight costs. Piracy off the coast of Somalia / in the Gulf of Aden / Horn of Africa (East Africa) had surged very significantly from 2008 to 2012, leading to innumerable attacks and hijackings of merchant vessels and their crew. As a part of its counter-piracy measures, the global shipping industry, represented at international confederation levels by bodies such as BIMCO…

As GE celebrates the grand opening of its Mebane Customer Experience Center and a multimillion dollar manufacturing facility renovation, Maritime Reporter & Engineering News gets an advance look at a new product line that could save marine and oil and gas customers millions of dollars in lost time and equipment damage. GE Industrial Solutions CEO Bob Gilligan told GE employees, distributors, and state and local politicians that ultimately, the firm’s energy management business would more than double to $13 billion annually as GE moves to recapture the lead in that market space. Gilligan also predicts that once this sea change has been completed, GE will then be earning as much as 90 percent of its revenues from the industrial side of the ledger.

During a recent tour of northeast England, Lord Livingston, the UK’s Minister for Trade and Investment, visited the Gateshead headquarters of Seacurus which, in April 2013, launched CrewSEACURE, the first ever insurance policy designed exclusively to protect the rights of seafarers when ships are abandoned at sea. Seacurus has a well-established relationship with UK Trade & Investment (UKTI), having received expert advice and support from its Passport to Export scheme which helped the company to develop 99 percent of its insurance premium income from overseas markets.

Business owners put their companies at risk when a new project gets under way. With even the best advance preparation, things can still go wrong, with the potential for injury, property damage and financial loss lurking in the background. If you are the project owner who is hiring multiple subcontractors, you may lie awake at night worried about how actions not under your control may lead to accidents, unexpected developments, potential liabilities and unavoidable delays. If you are one of the subcontractors, you may have won the bid on thin margins that could lead to a rushed schedule and careless work practices, while the fine print in your contract may include unanticipated liability for your business.

Maritime industry leaders attending the current London International Shipping Week heard how ship owners and managers can achieve 10 per cent operational savings if they focus on the value of satellite communications rather than on cost. In a keynote speech at the event, Frank Coles, President of Inmarsat Maritime, urged delegates to weigh up the cost of investing in improved satellite communications against the substantial benefits. “The problem is people haven’t always moved with the times and so may not know what’s possible,” he said. “So, they’ll look at their current cost, which is an average of US$25 per day, and seek a reduction. “In reality, though, that’s just 0.3 per cent of a ship’s running costs. It’s literally a drop in the ocean.

The world's marine insurers collectively lost $3 billion in 1999, Norway's Central Union of Marine Underwriters (CEFOR) said. Cefor's calculation uses the collective experience of marine insurers in Norway - one of the world's major marine insurance markets - and extrapolates the results to the global industry. Cefor's md said that not even in their previous worst case estimates did CEFOR anticipate anything like this. The principal reason for the losses is continuing reduction in insurance premium rates, said Formso. On CEFOR's current estimates, rates in 2000 have dropped to 31 per cent of their 1994 levels. Hvide Marine Inc. Hvide Marine Inc. said last Monday that chairman and CEO Jean Fitzgerald has been hospitalized with a heart condition and was to undergo surgery.

Unless things change dramatically, I am writing as the last Deputy Administrator of the Maritime Administration (MarAd). At least the MarAd we have known, sometimes loved, but always needed for the last 50 years. As I look at the Administration's budget proposals to transfer management of the Maritime Security Program (MSP) to the Department of Defense (DOD) and eliminate funding for the Title XI shipbuilding loan guarantee program, I cannot help but conclude that MarAd's days are numbered as a freestanding federal agency. This is not simply melodramatic doom saying from a former bureaucrat whose first credo in life is perpetuation of the species (or in this case the agency).