Insurance Providers News

Chee Hong Tat, Singapore’s Acting Minister for Transport, announced a record year in 2023 at a Singapore Maritime Foundation New Year Conversations event.The annual vessel arrival tonnage in the Port of Singapore crossed three billion gross tonnage (GT) for the first time, increasing by 9.4% over 2022 and setting a high of 3.09 billion GT in 2023. This reflects growth in all segments, including container ships, dry bulk carriers, liquid bulk and chemical tankers, ferries and specialised vessels…

The Maritime and Port Authority of Singapore (MPA) has launched an Expression of Interest (EOI) inviting financial institutions and intermediaries, as well as marine insurance providers and brokers, to submit proposals to accelerate the adoption of electric harbor craft in Singapore.The EOI aims to help drive the adoption of electric harbor craft among owners and operators of harbor craft in Singapore.EOI participants are expected to propose the demand planning parameters for…

Russian air strikes on Ukrainian grain facilities on the Danube this week threaten a vital river route for Kyiv's exports, as Moscow seeks to tighten the noose around a key sector of the economy days after abandoning the Black Sea shipping deal.Last week, air strikes caused tens of millions of dollars of damage to the grain sector in Odesa region, and Monday's strikes on infrastructure along the Danube brought back memories of the export gridlock that followed Russia's February 2022 invasion."Without the Danube, the export (situation) becomes critical.

The energy transition is moving ahead amid recovery in offshore oil & gas and growth in offshore wind, leaving vessel owners that serve these markets with big questions about energy carrier and energy converter selection for their newbuilds.What is driving the change?The foundations of energy transition in the offshore and marine segment can be found at global, regional, national and local levels:At a global level, International Maritime Organization (IMO) measures cover vessel energy efficiency (for vessels over 400 gross tonnes) and carbon intensity (for vessels over 5…

Classification society DNV said it has recently approved several projects for digital infrastructure solutions developed by COSCO, Kongsberg Digital and Samsung Heavy Industries (SHI).According to DNV, digitalization of the maritime industry is set to radically enhance the operational efficiency, safety and environmental performance of ships, but right now is taking place in a fragmented way, with no pan-industry alignment on data infrastructure reliability and data quality in compliance with global standards.As ships get smarter and increasingly packed with sensors…

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…

Industries are adapting to an increasingly digitalized landscape. The floating production, storage and offloading (FPSO) industry is no different. As concerted efforts are made to improve project economics Matt Tremblay, ABS Senior Vice President, Global Offshore, discusses how digitalization can increase safety, reduce costs, and build robust technical and operational capabilities.No one could have predicted what a challenging year 2020 would become. Offshore production activity fluctuated dramatically with changing market economics and a global pandemic…

World Meteorological Organization (WMO) and and the International Maritime Organization (IMO) held the first joint symposium on  extreme maritime weather: Towards safety of life at sea and a sustainable blue economy.The symposium has highlighted the need for the gap to be closed between met-ocean (meteorology and oceanography) information providers and the users of this information in the maritime industry.The October 23-25 event at IMO headquarters in London brought together about 200 stakeholders from shipping (including freight, passenger ferries, cruise liners), offshore industry, ports and harbors, coast guards, insurance providers and the met-ocean community - both public and private).Global examples of extreme maritime weather and a wide variety of related issues were discussed.

As the cost inflation is set to accelerate on higher insurance premiums, average vessel operating costs rose modestly for the second year in succession following two years of marked declines, according to the latest report published by global shipping consultancy Drewry.The report titled 'Ship Operating Costs Annual Review and Forecast 2018/19' said that typical ship operating costs accelerated moderately in 2018 as the uncertain recovery in freight markets across most cargo sectors gained momentum.Opex costs are heavily linked to developments in the wider shipping market as some costs, such as insurance, are connected to asset values…

U.S. salvage industry update: Coast Guard recognition and continuous improvement for the domestic salvage industry and its working professionals.Professional salvors are called in when the ship’s crew is overwhelmed – the last resort to protect lives, minimize environmental impacts and save the ship and cargo. These salvage masters, divers, firefighters, naval architects, heavy lift operators and other salvage team members regularly go into harm’s way and consistently perform incredible feats. They commit their lives and livelihoods to this work.

US creditors of Hanjin Shipping Co. Ltd. objected to the Korean courier’s efforts to secure a New Jersey bankruptcy court approval of an asset sale to Mediterranean Shipping Co (MSC), reports WSJ. Geneva-based MSC, the world’s second largest container operator by capacity, has offered $78 million for container terminal in  Long Beach, Calif. A group of container companies and other creditors concerned that Chapter 15 debtor Hanjin rushed through a sale of equity interest in Total Terminals International LLC and Hanjin Shipping TEC Inc. earlier warned that Hanjin may not have fetched the best offers and may sidestep outstanding debts without closer scrutiny. According to the report, in court papers filed Friday with the U.S.

The cost of operating cargo ships has fallen for two successive years but is forecast to rise in 2017 and beyond, according to the latest Ship Operating Costs Annual Review and Forecast 2016/17 report published by global shipping consultancy Drewry. 2016 was another very difficult year for most shipowners and operators. Weak freight rates, declining asset values, eroded profitability and denuded cash balances have forced shipowners to reduce costs wherever possible, and vessel operating expenses have been no exception. Drewry’s assessment of 2016 operating costs across 44 different ship types and sizes shows that shipowners have trimmed costs in 2016 for the second successive year. The average decline in total ship operating costs among the vessel categories covered was 4.4%.

Early in the morning on August 29, 2005, Hurricane Katrina struck the Golf Coast of the United States. Hurricane Katrina was the worst insured loss event in the history of insurance anywhere in the world. It was bigger than 9/11. It was bigger than the earthquake and tsunami in Japan. Hundreds of thousands of people in Louisiana, Mississippi and Alabama were displaced from their homes. Barges were picked up by the waves and slammed onto shore, while some were moved so far inland that they ended up on top of freeways.

Foreign oil tanker owners are expected to make a slow return to Iran despite the lifting of many sanctions as insurers tread carefully, leaving shipping players unwilling to pick up cargoes as quickly as Tehran has wanted. A nuclear deal between world powers - known as the P5+1 - and Iran led to the removal on Saturday of international oil export prohibitions as well as restrictions on banking, insurance and shipping for Tehran. With U.S. sanctions still in place, which exclude U.S. persons, banks and insurers from trading with Iran including dollar business, shipping and marine insurance sources say many foreign companies are likely to take their time. They are also mindful of sanctions being reimposed in a "snap back" if Iran reneges on commitments.

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…

The North of England P&I Association Limited (North) and Sunderland Marine Mutual Insurance (SMMI) Company Limited are discussing a possible merger. The decision by the boards and senior management teams of the two north-east England based mutuals follows a strategic alliance, by way of a reinsurance contract between the two companies, which commenced in January 2012. North's Chairman Pratap Shirke says, ‘As a result of the business similarities between North and SMMI and their complementary global operations, we have now agreed in principle to investigate the practicalities of a merger.

The North of England P&I Association Limited (North) and Sunderland Marine Mutual Insurance (SMMI) Company Limited are discussing a possible merger. The decision by the boards and senior management teams of the two north-east England based mutuals follows a strategic alliance, by way of a reinsurance contract between the two companies, which commenced in January 2012. North’s chairman Pratap Shirke said, “As a result of the business similarities between North and SMMI and their complementary global operations, we have now agreed in principle to investigate the practicalities of a merger. SMMI’s chairman Trevor Hart said, “SMMI and North…

The session, entitled Marine Insurance – the impact of September 11, was chaired by Luke Readman from the UK P&I Club. The team of speakers comprised John Fawcett-Ellis, INTERTANKO, together with Hedley French and John Garthwaite from Jardine Lloyd Thompson Risk Solutions. John Fawcett-Ellis began the session with a presentation on the insurance related activities of INTERTANKO and in particular post September 11. An overview was given of the work of the Insurance Committee. It was emphasized that the committee members were actively engaged in insurance matters on a day-to-day basis. This knowledge of the insurance markets meant that they spoke the same language as those engaged in the insurance industry…

Six offshore workers were killed and another missing feared dead after a helicopter belonging to an Aberdeen-based firm ditched into the Irish Sea. The aircraft, carrying five Centrica employees and two crew, ditched into freezing water 25 miles off the between the Isle of Man and Morecambe Bay on the Lancashire coast. The Aerospatiale SA-365N Dauphin 2, operated by CHC Scotia Ltd, ditched close to a gas drilling plaftorm on its last journey ferrying workers back to shore. The search continued last night as hope faded for the one remaining crew. Two RAF helicopters - one from RAF Valley and one from RAF Leconfield - as well as RNLI lifeboats from Fleetwood and Barrow were also helping with the search as were several support vessels.