Insurance Services News

Belgian oil tanker and storage operator Euronav EUAV.BR reported better-than-expected fourth-quarter revenue and profit on Thursday, driven by large crude tanker recovery and seasonal demand for crude oil.The tanker market, which has battled low earnings since the pandemic first hit oil demand, got a boost last year as Russia diverted oil exports from Europe, mainly to Asia, after many Western buyers turned to other suppliers in retaliation for Moscow's invasion of Ukraine last February."The EU embargo on Russian oil ...

Russia is concerned about a build-up of oil tankers in the Bosphorus Strait and is discussing the issue with insurance and transport companies, RIA cited Russian deputy foreign minister Alexander Grushko as saying on Wednesday.At least 20 oil tankers queuing off Turkey face more delays to cross from Russia's Black Sea ports to the Mediterranean as operators race to adhere to new Turkish insurance rules added ahead of Europe's ship insurance ban and a G7 price cap on Russian oil…

The market for old oil tankers is booming, and it's all down to efforts by Western nations to curb trade in Russian crude.As Western shipping and maritime services firms steer clear of Russian oil to avoid falling foul of sanctions or harming their reputations, new companies have leapt into the void, and they're snapping up old tankers that might normally be scrapped.The European Union banned all seaborne Russian crude imports from Dec. 5, with a fuel import ban to follow in February.

Two tankers have had their environmental and safety classification withdrawn by a U.S. company that provides such certification, after accusations by a U.S. advocacy group that they had shipped cargoes of Iranian oil, documents seen by Reuters show.Countries targeted by tougher U.S. sanctions, including Iran and Venezuela, have responded to the mounting pressure with elaborate strategies to circumvent restrictions on their oil exports.Top oil shipping companies say they have in turn responded by tightening guidelines and deploying technology to prevent accidental sanctions breaches, which U.S. officials have said could lead to them being…

After it in recent months acquired MMT and Abyssal, marine robotics and offshore survey company Ocean Infinity has now acquired maritime services company, Ambrey for an undisclosed fee.UK-based Ambrey offers offshore services including, security, crisis and risk management, intelligence, insurance, fleet operation, and vessel design and build.With a management team of over 150 full-time staff globally together with over 1350 contractors and crew, Ambrey operates a fleet of over 40 patrol…

A new insurance services business has been launched to protect maritime companies from cyber threats. Offering risk management, underwriting and analytics, Astaara Company Limited said it aims to modernize this area of the insurance industry."The insurance business is behind the times when it comes to cyber threats to maritime companies. It is only by listening to and responding to what the maritime community needs that you can create a solution that is relevant and necessary…

Interferry CEO Mike Corrigan explains why the global trade association is poised to take its work to the next level.While I respect the mantra of cautious optimism, I can’t help feeling genuinely excited that 2019 could prove to be a milestone year in the continuing growth of Interferry’s influence as the global voice of the ferry industry. We’ve come a long way since our US origins in 1976 as what was essentially a networking movement, but developments in recent months already suggest we are on course for yet more enhancement of our present-day worldwide networking and lobbying relationships.

UK shipping technology sector will grow to become a GBP 12.8 billion (USD 16.5 bln ) market by 2030 from the current level of  GBP 3.7 billion, revealed a study.A new report commissioned by UK venture fund and think-tank PUBLIC estimated the growth will be fuelled largely by digitalisation of the industry, with technologies such as big data, blockchain, and artificial intelligence creating a new market for digitally enabled maritime services.For the purposes of this report,  shipping technology is defined as the technology that can be applied to make maritime trade processes more efficient and reduce bottlenecks in the flow of goods around the world. For the purposes of market-sizing, this means digital and IT spend (though not exclusively).

UK-based international provider of insurance services Thomas Miller has acquired international marine consultancy business Brookes Bell for an undisclosed sum. Brookes Bell is a marine technical and surveying consultancy with offices in Liverpool, London, Glasgow, Shanghai, Hong Kong and Singapore. It has served the marine and energy industries since 1903, providing specialist services in areas including emergency response, casualty investigation, salvage and wreck removal operations, scientific cargo expertise, forensic engineering and expert witness services. The firm also provides research and development of ship design support to enhance maritime safety and technology and employs a renowned group of marine engineers…

China’s state-owned oil company, China National Petroleum Corporation (CNPC), and U.S. independent energy company Cheniere Energy have signed a Memorandum of Understanding (MoU) for long-term sales and purchases of liquefied natural gas (LNG), Reuters reported. The report quoted U.S. State Department saying that the deal between the two companies was signed during president Trump’s first state visit to China. Neither companies disclosed details of the transaction. According to CNPC, the agreement would strengthen its cooperation with Cheniere in regards to the latter’s liquefaction and export project in the Gulf of Mexico. Cheniere is owner and operator of the first LNG export terminal in the U.S., Sabine Pass in Louisiana.

Representatives of the British and Hong Kong maritime business sectors have agreed to forge a closer working relationship. Under the terms of a new Memorandum of Understanding, Maritime London and the Hong Kong Maritime & Port Board (HKMPB) will cooperate in a range of areas including promotional activity, training and sharing of best practice for maritime business services. The agreement was signed in London during London International Shipping Week by Chan Fan, Frank, JP, Secretary for Transport & Housing…

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%…

South Korea will pump $9.5bn (11 trillion won) into state-run policy lenders reeling from huge losses on loans made to the beleaguered shipbuilding and shipping sectors to help them deal with further corporate distress, says FT. South Korea's fund will support two state-run banks most exposed to shipping and shipbuilding firms currently being restructured. The China slowdown is partly to blame. The two state-run banks to be capitalised are Korea Development Bank (KDB) and the Export-Import Bank of Korea (KEXIM). "The fund will buy hybrid bonds issued by state-run banks," Finance Minister Yoo Il Ho said. "We will swiftly carry out restructuring of shipping and shipbuilding companies under the principle that the companies strictly implement their own reform plans and take losses incurred" .

China COSCO Shipping Corp Ltd  (COSCOCS), a new company formed by the restructuring of China's top two shipping firms, was officially established on Thursday (February 18). The Chairman Xu Lirong said his company,now the world's largest bulk vessel and oil tanker operator by fleet size,  is planning to deploy more resources to six new businesses. According to a report in China Daily, the shipping major will focus on logistics, industrial equipment manufacturing, financial and shipping services, investment, and operations linked to the country's "Internet Plus" development program. "New businesses such as multimodal transportation, warehouse network development…

The Islamic Republic of Iran Shipping Lines (IRISL) is seeking to open bureaus across Europe, says its Managing-Director Dr. Mohammad Saeidi. IRNA reports Saeidi as saying that once the arbitrary sanctions on Iran are lifted, Iranian-flagged ships can travel between Iranian and European ports. He said that imposition of anti-Iran sanctions banned Iranian ships from travelling to Europe and vessels owned by international companies from travelling to Iran as well. Launching shipping bureaus across Europe is aimed at facilitating exports of Iranian oil and non-oil products to European ports, the official said. He also said that after the lifting of sanctions the Iranian ships can receive insurance services from European insurers.

U.S. shipbuilder Huntington Ingalls Industries (HII) announced today a number of changes across its leadership team. HII’s Board of Directors has elected Christopher D. Kastner to succeed Barbara A. Niland as the company’s chief financial officer and corporate vice president, business management, effective with Niland’s retirement on March 1, 2016. Furthermore Philip Luna, corporate vice president and president, UniversalPegasus International (UPI), a subsidiary of HII, has been promoted to the HII senior executive team, effective immediately.

Thomas Miller the international insurance, professional and insurance services provider announces the acquisition of the partners and staff of specialist marine law firm, Davies Johnson & Co of Plymouth. The acquisition brings an additional six fee earners to the Thomas Miller Law Ltd (TM Law) team. The firm will operate from Plymouth and London in addition to TM Law’s main office in Newcastle, where it forms part of the Group’s claims handling and risk management consultancy business. Davies’ Johnson’s existing clients will continue to be able to instruct the Plymouth firm, and there will be no change to the service they enjoy currently.

The U.S. Treasury Department, Office of Foreign Assets Control (OFAC) and the U.S. Department of Commerce Bureau of Industry and Security (BIS) has publish revised Cuba sanctions regulations opening trade with Cuba for the first time in decades. Those changes, issued January 16, 2015, are the first step in moving toward normal relations with Cuba. The revised regulations ease certain limitations on travel to Cuba and certain associated services (e.g., insurance services), broaden exports and imports, and make financial transactions related to authorized transactions easier. The biggest impacts appear to be in travel, telecommunications, financial services and exports to the Cuban private sector. A pre-release of the revised regulations from the U.S.

Regional Reporting Inc. (RRI) and Global Risk Evaluations (GREvL) inform of the creation of a joint venture aimed at expanding their marine services offerings. The new company Marine Reporting International Ltd. (MRI) will combine the marine division of GREvL and RRI's UK subsidiary. The new company Marine Reporting International Ltd. (MRI) will combine the marine division of GREvL and RRI's UK subsidiary. MRI will be headed by John Worrall and John Arber, supported by George Stobbs and Marek Domanski. They will be joined by Matthew Cook in the UK and Stephen Cook acting as liaison with RRI's Marine Division to provide services on behalf of MRI throughout the USA and Canada. The combined strengths of GREvL Marine and RRI will support and grow this strong North Atlantic Alliance.

As the annual Day of the Seafarer dawns (June 25), InterManager, whose members manage more than 250,000 of the world’s seafarers, has reaffirmed its commitment to crewmembers with a package of activities aimed at addressing crew-related issues. The association, whose members are involved in the management of a third of the world fleet, is working with industry partners and training institutions on a number of projects to benefit crew members throughout the global shipping sector.

Insurance specialist in the global freight industry, TT Club, sees proliferation in technological capabilities & tailored supply chain processes. A long-term supporter of the British International Freight Association (BIFA) Awards, TT Club sponsored the 2012 European Logistics Award. TT Club’s Development Director for UK and Ireland, Brian Sullivan was part of the judging panel that employed a stringent vetting process to find the winner, Delamode International Logistics. The award was presented by Sullivan at a ceremony in London last month. This experience, along with the Club’s detailed knowledge of its customers’ supply chain services, has convinced Sullivan of the current proliferation of innovation in the sector and a trend away from rate-driven commoditisation.

The primary focus of last year’s annual update, which appeared in the April 2011 issue, was U.S. efforts to tighten economic sanctions against Iran. Over the past year, U.S. pressure on Iran has intensified. Syria also has been a target of new U.S. sanctions, while the sanctions against Libya imposed in early 2011 have been eliminated for all practical purposes by a series of general licenses. Our 2012 update concentrates on these key U.S. developments, but readers should be aware that these were not the only recent changes to U.S. and international sanctions programs.

"An excellent start to 2005 and the new policy year" is how Joe Hughes, chief executive of managers Shipowners Claims Bureau Inc., describes the American Club's double achievement of the past week. On February 24, at London's Banqueting House in Whitehall, the club was voted the winner among four finalists for the P&I/Insurance Services Award at Lloyd's List's 2005 Awards covering 12 categories of the maritime industry. The P&I Award, sponsored by Clyde & Co., was presented to Paul Sa, the club's chairman, by Derek Hodgson, partner and head of the maritime transportation department at Clyde. Earlier the same week, the American Club had reported a successful outcome of the annual P&I renewal, which saw the club post a further increase in entered tonnage, to approximately 21.7 gross tons.