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Risk Management Tools News

15 Jul 2021

OCIMF Replacing SIRE Tanker Inspection Program

© gb27photo / Adobe Stock

The Oil Companies International Marine Forum (OCIMF) is currently developing an updated and enhanced version of its Ship Inspection Report Program (SIRE) tanker risk assessment tool, the ship inspection regime that has become central to supporting safety and best practice in the marine industry. The new regime, SIRE 2.0, will replace the current system from Q2 2022, delivering a more comprehensive inspection regime with enhanced tools, strengthened governance processes and more in-depth reporting outcomes…

09 Oct 2019

ICE Reports Milestone Trading of LNG Contracts

Intercontinental Exchange, operator of global exchanges and clearing houses and provider of data and listings services,  reported new milestones in the trading of the TTF natural gas and JKM LNG (Platts) contracts.In September, TTF Futures and Options hit an all-time monthly volume record of more than two million lots (2,023,848), equivalent to 1,484 TWh. TTF Futures set a new daily volume record on September 10 of 193,695 lots, equivalent to 142.1 TWh.TTF is the most liquid European natural gas benchmark, followed by ICE’s UK Natural Gas Futures (NBP).Europe’s interconnected natural gas infrastructure allows it to absorb LNG arriving…

11 Sep 2017

New Guidance: Reducing the Risk of Propulsion Loss

© tantawat / Adobe Stock

Bureau Veritas, TMC Marine and the London P&I Club have issued a new booklet providing operational guidance for preventing blackout and main engine failures. In a joint project, classification society Bureau Veritas and consultancy TMC Marine, a Bureau Veritas Group Company since 2016, have cooperated again with the London P&I Club to produce the second booklet in a series on loss prevention issues. The new publication focuses on the marine engineering issues and procedures related to loss of propulsion incidents and how to prevent them.

31 Jul 2017

Software Solutions: Monitor & Track

(Image: GateHouse)

As the maritime industry embraces the digital revolution, companies like GateHouse are poised to prosper. GateHouse in developing software solutions to support optimization, flexibility and mission critical operations for vehicle and vessel tracking, monitoring and satellite communications. We caught up with Michael Bondo Andersen, CEO and founder of GateHouse, for insights on his strategy moving the company forward. Looking at your maritime unit, Big Data is having a transformational impact on global maritime. Please detail your offering.

02 Jun 2017

Hyper Connectivity: The Risks and Rewards

Image: ABS CyberSafety

The maritime industry is becoming more connected – at sea, on land and in between. This trend has given rise to a cyber-enabled fleet that continues to adopt greater levels of automation and operational complexity. For the end user, the benefits of modern shipping are multiple. For the ship owner or operator, however, every incremental advance of technology creates new entry points for risk. In this hyper-connected era, defending against the introduction of new risks as technology changes demands a recommitment to systems engineering and…

20 Jul 2016

ABS Advisory Solutions Integrate ERM

ABS Group anticipated the update to Circular A-123 from the United States (US) Office of Management and Budget (OMB) requiring US executive departments and agencies to adopt enterprise risk management (ERM), and has expanded its suite of ERM advisory solutions aimed at risk-informed decision making and mitigation strategies. To help organizations comply with the new guidance and manage their risk exposure, ABS Group provides a suite of advisory resources and proprietary risk management tools through the Company's safety, risk and compliance services business unit. "ABS Group has highly developed methodologies that enable organizations to quickly implement a proactive risk management culture.

24 Jun 2016

The American Club Reports Solid Progress in 2015

Arnold Witte (Photo: Donjon Marine)

The American Club reported solid progress during 2015 at the annual meeting of its members held in New York yesterday. Despite a challenging economic climate, the Club’s business developed respectably, and 2016 had started on a positive note. The Club’s tonnage and revenue experienced some attenuation in 2015 as global trade slowed and freight markets continued to struggle. Following the 2016 renewal, year-on-year tonnage entered for P&I and FD&D risks was stable at about 14 million GT for the former and 9 million GT for the latter class of business…

04 May 2015

IMCA Publishes Guidelines for DP OSV Safe Operations

Photo: IMCA

Reliable and robust methods of positioning are required for safe vessel operations in close proximity to offshore installations. Dynamic positioning (DP) is well-established as a primary method of vessel positioning in the diving, drilling, construction, accommodation and shuttle tanker sectors, and is especially suited to deep-water developments. As development and management of DP becomes more refined, increasingly logistics support vessels are becoming equipped with DP systems with increasing reliance being given to such systems.

07 Apr 2014

BV Strengthens Vehicle Inspections in U.S.

Bureau Veritas has just completed the acquisition of Quiktrak Inc., an American company specializing in vehicle and agricultural machinery stock audit. Founded in 1991 and headquartered near Portland, Oregon, Quiktrak provides field inspections and inventory auditing services for leasing and finance companies. The company has leading-edge technology, including some of the most advanced risk management tools in the industry, particularly its RevoquestTM software for automating the audit and inventory management process. Quiktrak operates primarily in the United States and Canada, and currently distributes its software licenses in 14 countries. The company employs 90 people and has a vast network of independent inspectors giving the company a strong footprint across the United States.

06 Mar 2014

Study Targets Reduced Offshore Wind Costs

Xodus Group, Cathie Associates and UTEC Geomarine have formed an industry leading consortium to deliver a study which will aim to reduce the costs of generating electricity from offshore wind farms in U.K. waters. The Carbon Trust’s Offshore Wind Accelerator (OWA), which brings together nine offshore wind developers (DONG Energy, E.ON, Mainstream Renewable Power, RWE Innogy, ScottishPower Renewables, SSE Renewables, Statkraft, Statoil and Vattenfall) in a joint industry project, is working towards reducing the cost of offshore wind by at least 10% by 2015. Technology challenges are identified and prioritized by the OWA members based on the likely savings and the potential for the OWA to influence the outcomes.

06 Nov 2012

IALA Holds Australian Training Seminars

The International Association of Marine Aids to Navigation & Lighthouse Authorities (IALA)  in Australian training mission. International representatives tasked with maintaining the world’s aids to navigation will be in Australia for two weeks for training and discussions aimed at enhancing global navigational safety. The International Association of Marine Aids to Navigation and Lighthouse Authorities (IALA) will hold a series of seminars and meetings in Sydney and Brisbane from Monday 5 November focussing on improving the capacity of authorities to ensure the safety of life at sea. The events will be attended by IALA Secretary-General Gary Prosser and representatives from maritime safety authorities from Australia and around the world.

04 Oct 2012

Coast Guard Transfer Cutter to Alaska Station

Cutter Chandeleur: Photo credit USCG

The 110-foot Island Class Patrol Boat 'Chandeleur' moved from Miami to Juneau, Alaska to help support regional response capabilities. The Chandeleur, commissioned in 1988, is the newest cutter assigned to the Coast Guard 17th District and recently underwent a significant modernization and maintenance period at the Coast Guard Yard in Baltimore, Md. The maintenance period included the replacement of hull plating, tanks, piping, and electrical wiring; renewal of decks; rehabilitation of berthing spaces, and installation of new prototype equipment such as switchboards and generator sets.

31 May 2012

Beijing Office Opened by OW Bunker

OW Bunker, a leading suppliers and traders of marine fuel, has announced the opening of a second office in China. The move supports its growing customer base in the region, and is designed to capitalise on opportunities presented by the strong growth in the Asian markets. OW Bunker has had a presence in China since 2006 with an office in Shanghai. OW Bunker is one of the world's largest suppliers of marine fuel oil and related services. The Group's core activity is the global sale of bunkers both from its own physical inventories, where it operates over 30 large and small tankers in its global fleet, as well as an intermediary trader.

15 Jun 2000

Dot Com, Maritime Style

Much as has transpired in mainstream consumer markets, the dot com craze has recently enveloped the maritime world with promises of cost savings and operational efficiencies. While an attrition and natural process of consolidation can eventually be expected, the world of e-commerce solutions for the maritime market is definitely in its infancy. While it is impossible to judge the full working models in this report, the following text contains synopsis reports on some of the more noteworthy market entrants. Recently launched by Boston-based WebPark Corp., Boat-Park.com is an on-line virtual trade show, which seeks to bring together worldwide participants into its virtual trade show, which is open 24/7.

13 Mar 2001

LevelSeas Buys SeaLogistics

London-based e-shipbroker LevelSeas has acquired main competitor Houston-based SeaLogistics during a week that has seen swift consolidation in the shipping e-commerce sector. LevelSeas was founded by Shell, Cargill, and London shipbroker Clarksons in April 2000, to broker ships for cargoes over the Internet. It has always been seen by the shipping industry as the lead contender, closely followed by SeaLogistics. "LevelSeas will exchange equity for the primary assets of SeaLogistics," it said a statement. The deal with SeaLogistics will strengthen LevelSeas' position in the tanker markets especially, it said. LevelSeas' core business is e-broking, but the platform also offers voyage-management and risk management tools. Freight futures trading will also be offered.

25 Feb 2002

Calls for Shipping Industry to Focus on Risk Management

Risk management is still not widely practiced in the shipping industry, according to Sanjeev Bhandari of Mumbai-based P&I Club representative, Crowe Boda. Speaking at the Shipping: Changes & Challenges seminar in Chennai, India, on February 22, Bhandari said that not only should companies ensure they have effective risk management tools in place, they must also involve all levels of staff in the risk management process. "Risk management must not remain the concern of top management alone. Staff at all levels should be encouraged to look for areas of vulnerability in both the company and its ships," said Bhandari. management should mean a reduction in costs whether it is the replacement or repair of property, compensation to an injured person or the settlement of liabilities.