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Machinery Cover News

20 Jul 2018

London P&I Club Setting up Cyprus Office over Brexit

British ship insurer London P&I Club is setting up a new subsidiary in Cyprus to ensure continued access to trade in the European Union in case Britain loses single market access, the group told Reuters on Friday.Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs could weaken its multi-billion pound shipping services sector."We have … chosen Cyprus to establish our new post-Brexit EU subsidiary, and we are currently going through the process of setting it up and obtaining the necessary license," London Club said in a statement.London Club is one of 13 major global P&I insurers and Europe accounts for over 60 percent of the group's activities.The six P&I clubs regulated in Britain are estimated to account for over half t

22 Feb 2018

Steamship Mutual Opts for Dutch Hub as Brexit Hedge

British ship insurer Steamship Mutual plans to set up a new Dutch subsidiary to ensure continued access to trade in the European Union in case Britain loses single market access. "We are about to apply for a licence to establish a subsidiary company in the Netherlands," Steamship Mutual's executive chairman Gary Rynsard told Reuters in an email, adding it would opt for the port city of Rotterdam. Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs could weaken its multi-billion pound shipping services sector. Steamship Mutual, which employs around 150 people in the UK, is one of 13 major global P&I clubs and Europe represents more than 30 percent of the insurer's global business.

20 Nov 2017

Brexit Prompts North P&I Club to Set up Dublin Subsidiary

British ship insurer North is setting up a new European Union subsidiary in Dublin in case Britain loses access to the single market after Brexit, becoming the first of these specialised providers to announce such a move. Insurers are making contingency plans after Britain’s vote to leave the EU means they could risk losing “passporting” rights that allow UK financial services firms to trade in Europe without the need for locally regulated entities. Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs like North could weaken other parts of the country’s multi-billion pound shipping services sector.

19 Dec 2014

DSG Marine Asks Shipowners to Consider Fixed Premium P&I Cover

Photo courtesy of DSG Marine

DGS Marine, a global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I Facility, has advised Indian shipowners to consider the benefits of fixed premium P&I cover. DGS Marine spoke at a P&I Insurance Seminar held in Mumbai, India last week and jointly hosted by DGS Marine Group and the British European and Overseas (BE&O) P&I Facility. Attended by delegates from across India’s shipping community, the seminar examined a range of shipping-related legal and insurance issues…

02 Jan 2014

Coming your way, a 3% rise in Operating Costs

(Photo: Alex Sergienko)

A new survey from Moore Stephens finds that vessel operating costs are expected to rise by more than 3% in both 2013 and 2014. While this news should not be unexpected it is nevertheless bad news for ship owners that continue to struggle with low freight rates and over capacity across several oceangoing sectors. In total the survey examined 10 main cost areas, summarized in charts one and two. Crew expenses, broken in two categories as ‘wages’ and ‘other’ by far dominated the cause of cost escalation, accounted for a 4.5% rise in 2013 and a projected 4.7% rise in 2014.

31 Oct 2013

Survey: Ship Operating Costs to Rise 3-4%

A new survey from Moore Stephens finds that vessel operating costs are expected to rise by more than three% in both 2013 and 2014, unwelcome news to shipowners that continue to struggle with low freight rates and over capacity across the oceangoing sectors. The survey is based on responses from key players in the international shipping industry, predominantly shipowners and managers in Europe and Asia. Those responses revealed that vessel operating costs are expected to rise by three% in 2013, and by 3.2% in 2014, with crew wages and P&I insurance the cost categories likely to increase most significantly. Crew wages are expected to increase by 2.4% in 2013 and by 2.5% in 2014, with other crew costs thought likely to go up by 2.1% and 2.2% respectively for the years under review.