Marine Link
Monday, March 18, 2024
SUBSCRIBE

Substances Convention News

12 Jan 2004

P&I Club Warns of Shipping Claims Increase

Ship owners, operators and their P&I clubs face ever-increasing claims over the next few years, according to the 45 million GT North of England P&I club. Growth in the freight market, a raft of new and revised liability conventions and weakness of the dollar are exposing the industry to greater financial risk and continuing hikes in P&I insurance. According to joint managing director Rodney Eccleston, “Both the value and number of cargo claims have soared in recent months due to unprecedented freight rates, sometimes exceeding cargo values, and because ships and crews are working flat out. The A-rated club says P&I claims values are also increasing due to weakness of the US dollar, which has fallen substantially against most major currencies recently.

22 Apr 2004

Are You Ready for HNS?

London law firm Lawrence Graham says shipping is focusing on complying with security requirements, but another Convention soon to be enforced will have major ramifications for all aspects of shipping. Are you ready for the Hazardous and Noxious Substances Convention 1996? Writing in the latest issue of Shipping Lawgram, Imogen Rumbold, shipping partner, says the HNS Convention is likely to come into force in the next two years. Charterers and receivers will pay more, ports and terminals face new liabilities, shipowners will need new insurance and documentation, P&I Clubs must set up new guarantees, authorities around the world will have more requirements to police and in any accident to almost any ship claimants for environmental damage will have new legal remedies to pursue.

Subscribe for
Maritime Reporter E-News

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week