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Thursday, March 28, 2024
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The Broker News

27 Mar 2024

Constant Port Attacks Slowing Ukraine's Farm Exports

Constant attacks on Ukrainian Black Sea ports by Russian drones and missiles are leading to a slowdown in Ukraine's maritime agricultural exports, brokers said on Wednesday.A key maritime hub in the southern Odesa region has been under almost daily attacks in recent weeks, but authorities have not reported any significant damage to port infrastructure."Active shelling of Ukraine, particularly in the south, by Russia last week led to interruptions in export shipments and a slowdown in waterborne exports…

27 Mar 2024

Insurers Brace for Multibillion Dollar Losses After Baltimore Ship Tragedy

(Photo: Baltimore County Police Department)

Baltimore's Francis Scott Key Bridge collapse could cost insurers several billions of dollars in claims, sources say, but it is too early to calculate the likely full financial losses of the tragedy that has shuttered one of the busiest ports in the United States.Six peopleare still missing after a collision with a Singapore-flagged container ship destroyed the landmark bridge on Tuesday, forcing the closure of the Port of Baltimore.With little clarity on when the port would re-open, insurers and analysts are now assessing the likely losses borne by underwriters across several product lines in

21 Mar 2024

China Grain Imports Near Record High

Cereal and oilseed imports to China, the world's biggest buyer of farm goods, will remain near record highs this year despite a recent spate of cancellations as lower global prices and a domestic output shortfall prompt purchases.China's wheat imports from Australia in January and February this year have nearly quadrupled from the same time last year, the latest customs data show. That trend should continue even after Beijing cancelled or postponed 1 million metric tons of Australian wheat last week.The cancellations, along with those for about 500,000 tons of U.S.

01 Mar 2024

Ukraine Expands Ship War Insurance with Marsh & Lloyd's to Iron Ore, Steel

© glebzter / Adobe Stock

Insurance broker Marsh and Lloyd's of London underwriters have expanded a marine war insurance program backed by Ukraine from grain shipments to all non-military cargo, such as iron ore and steel, Marsh said on Friday.Marsh, Lloyd's and Ukrainian state banks launched an initial program in November to cut the cost of claims for damage to ships and crew transporting grain through the Black Sea corridor, following Russia's invasion of Ukraine two years ago."Expanding insurance to cover ships carrying all non-military cargo is extremely important for Ukraine…

27 Feb 2024

Houthis Say They Can Reassess Red Sea Attacks if Israeli 'Aggression' Stops

(Photo: Screenshot from video shared by Yemeni Armed Forces)

Yemen's Houthis said on Tuesday they could only reconsider their missile and drone attacks on international shipping in the Red Seaonce Israel ends its "aggression" in the Gaza Strip.Asked if they would halt the attacks if a ceasefire deal is reached, Houthi spokesman Mohammed Abdulsalam told Reuters the situation would be reassessed if the siege of Gaza ended and humanitarian aid was free to enter."There will be no halt to any operations that help Palestinian people except when the Israeli aggression on Gaza and the siege stop…

26 Feb 2024

Houthis Keep Up Pressure with Near Miss on US-flagged Tanker

FILE PHOTO: Torm Thor (Photo: Torm)

Yemen's Houthis fired a missile that likely targeted the Torm Thor in the Gulf of Aden on Feb. 24 but missed the U.S.-flagged oil tanker, the U.S. Central Command (CENTCOM) said on Monday, as the Iran-aligned militia steps up attacks on ships.Shipping risks have escalated due to repeated Houthi drone and missile strikes in the Red Sea and Bab al-Mandab Strait since November in support of Palestinians in Gaza. U.S. and British forces have responded with several strikes on Houthi…

19 Feb 2024

Houthis Say Ship Attacked in Gulf of Aden May Sink

© Eugene / Adobe Stock

Yemen's Houthi militants said on Monday they had attacked another cargo vessel in the Gulf of Aden which was at risk of sinking, raising the stakes in their campaign to disrupt global shipping in solidarity with Palestinians in the Gaza war.The Iran-aligned Houthis have made repeated drone and missile strikes since November in the Red Sea and Bab al-Mandab Strait, drawing U.S. and British bombing against them.Houthi military spokesperson Yahya Sarea said in a statement that the Rubymar's crew was safe but that the ship was badly damaged and at risk of sinking.

07 Feb 2024

US, UK Ship Investors Hit by Soaring Red Sea Insurance

© sandsun / Adobe Stock

War underwriters have raised the premiums they charge to U.S., British and Israeli firms by as high as 50% for ships transiting the Red Sea and some providers are avoiding such business due to targeting of the vessels by Yemen's Houthis, sources said.Attacks by the Iran-aligned Houthis since November have slowed trade between Asia and Europe and alarmed major powers. The Houthis say they are acting in solidarity with Palestinians as Israel's war against Hamas militants in Gaza…

12 Jan 2024

Container Rates Soar on Concerns of Prolonged Red Sea Disruption

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Container shipping rates for key global routes have soared this week, with U.S. and UK air strikes on Yemen stirring concerns of a prolonged disruption to global trade in Red Sea, one of the world's busiest routes, industry officials said on Friday.U.S. and British warplanes, ships and submarines launched dozens of strikes across Yemen overnight in retaliation against Iran-backed Houthi forces for attacks on Red Sea shipping, widening regional conflict stemming from Israel's war…

02 Jan 2024

Golden Ocean Names Svensen CEO

(File photo: Golden Ocean Group)

Oslo-headquartered dry bulk shipping company Golden Ocean Group announced its board has appointed Lars-Christian Svensen as CEO, effective January 1, 2024.Svensen had been serving as interim CEO following the resignation of the company's previous CEO, Ulrik Andersen, in June 2023.Svensen joined Golden Ocean as chief commercial officer in December 2020 and was previously senior vice president in Norway and president of U.S. trading activities in Seattle for Western Bulk. Before that, he was a downstream analyst for Petredec and a tanker broker for Cmarine Services PTE Ltd. in Singapore.

19 Dec 2023

How Could Red Sea Attacks Affect Oil and Gas Shipping?

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Several shipping companies and a few liquefied natural gas (LNG) tankers have decided to avoid the world's main East-West trade route, following attacks launched by Yemen's Houthi group on commercial ships at the southern end of the Red Sea.The attacks raised the specter of another bout of disruption to international commerce following the upheaval of the COVID pandemic, and prompted a U.S.-led international force to patrol waters near Yemen.IS THE RED SEA ROUTE IMPORTANT FOR…

12 Dec 2023

Oil Rises after Houthi Attack on Ship

© Sergey / Adobe Stock

Oil rose on Tuesday as an attack by the Iran-aligned Houthis on a chemical tanker escalated geopolitical tension in the Middle East, though concerns over excess supply and slowing demand kept a lid on gains.A cruise missile launched from Houthi-controlled Yemen struck a commercial chemical tanker, causing a fire and damage but no casualties in the latest such attack to heighten safety risks for tankers in vital shipping lanes.Brent crude futures LCOc1 for February rose 21 cents, or 0.3%, to $76.24 a barrel by 0915 GMT, while U.S.

19 Nov 2023

Grain Ship Damaged Off Ukraine, Likely Hit Sea Mine

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A merchant ship transporting grains was lightly damaged off the coast of Ukraine and was likely to have been hit by a floating sea mine, according to maritime specialists and a Ukrainian government source.This is the latest incident affecting commercial ships sailing in the Black Sea.War risk insurance premiums have risen to as much as 3% of the value of a vessel after a missile damaged a merchant ship in the Ukrainian port of Pivdennyi last week, industry sources said.Four maritime and trade sources said the Liberia-flagged Georgia S bulk carrier laden with a wheat cargo was sailing from Pivd

15 Nov 2023

Marsh, Lloyd's, Ukraine Launch War Risk Ship Insurance to Cut Grain Costs

© glebzter / Adobe Stock

Insurance broker Marsh MMC.N, Lloyd's of London insurers and Ukrainian state banks have launched a programme to cut the cost of claims for damage to ships and crew transporting grain through the Black Sea corridor, Marsh said on Wednesday.Kyiv launched a "humanitarian corridor" in August for ships bound for Africa and Asia to circumvent a de facto blockade in the Black Sea after Russia quit a United Nations-brokered deal that had guaranteed Kyiv's seaborne exports during the war.Lloyd's of London insurers will underwrite the programme…

31 Oct 2023

M3 Marine (Offshore Brokers) UK Ltd Appoints Robert Day as Managing Director

Credit: Ian Dyball/AdobeStock

M3 Marine (Offshore Brokers) UK Ltd (M3OBUK) – a newly established London-based broking company focusing on the offshore and renewables sectors, announced on Tuesday the appointment of Robert Day as its Managing Director.Day brings with him almost a decade of experience, having previously held the role of Associate Director and Head of Offshore at VesselsValue, where he ran the offshore desk which specialized in valuations, broking, market analysis, and business development with a focus on offshore support vessels…

11 Oct 2023

Ascot Appoints New Head of Marine

Pat Stoik courtesy of Ascot

Pat Stoik will join insurer Ascot Group as Executive Vice President, Head of Marine, Ascot U.S., effective October 24. He will be based in New York and will report directly to Matt Kramer, Chief Executive Officer, Ascot U.S.An experienced executive in the marine industry, Stoik brings more than 35 years of senior management, underwriting, and broker experience to Ascot. Most recently, he served as Chief Risk Officer for Overhaul Group, Inc., a global leader in in-transit supply chain risk management…

02 Oct 2023

Freight Rates for Grain Exports via New Black Sea Route Fall Sharply, Ukraine Says

Credit: Андрій Данилюк/AdobeStock

A new corridor allowing cargo vessels to carry Ukrainian grain and iron ore from Black Sea ports has significantly lowered freight rates and they are likely to fall further, Ukraine's farm minister said on Monday.Kyiv launched what it calls a temporary humanitarian corridor in August to allow agricultural exports as an alternative arrangement after Russia blocked the U.N.-backed Black Sea grain deal that had been in place for a year.Three more cargo ships left Ukrainian seaports on Sunday, while five new vessels came in for loading. "New vessels are coming.

26 Sep 2023

Ship Insurance Facility Set Up for Ukraine Grain Exports

© glebzter / Adobe Stock

A new marine insurance facility for Ukrainian grain exports using the country's sea corridor has been set up in conjunction with Ukraine's authorities, insurance broker Miller said on Tuesday.Russia quit a U.N.-backed deal in July to enable exports from Ukraine to sail from three approved ports.Since then, Kyiv has launched what it calls a new temporary humanitarian corridor in an effort to break Russia's de facto blockade. Two ships have sailed in the recent days from the Ukrainian…

10 Aug 2023

Maritime Careers: How to Get Ahead in Shipbroking

Copyright Who is Danny/AdobeStock

Want to set yourself apart from the crowd? Institute of Chartered Shipbrokers Chairman Glenn Murphy offers this advice to young shipbrokers In the bustling world of global trade, shipbrokers play a crucial role in facilitating seamless transactions and ensuring the smooth movement of goods across vast oceans. As a shipbroker, you are at the heart of this dynamic industry, and staying ahead of the competition requires a strategic approach and a particular set of skills.Shipping does not stand still: shipbroking is a multifaceted skill which has always moved with the times.

28 Jul 2023

Ocean Shippers Playing Catch Up to Electric Vehicle Fire Risk

Freemantle Highway car carrier burning off the Dutch coast - Credit: Dutch Coast Guard

Electric vehicles are crisscrossing the globe to reach their eager buyers, but the battery technology involved in the zero- emission automobiles is exposing under-prepared maritime shippers to the risk of hard-to-control fires, industry, insurance, and emergency response officials said.That risk has been put under the spotlight by the burning car carrier [Freemantle Highway] drifting off the Dutch coast. The Dutch coastguard said the fire's cause was unknown, but Dutch broadcaster…

09 Jun 2023

North American Lobster Industry Confronts 'Ropeless' Traps After Whale Entanglements

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An emerging technology to fish for lobsters virtually ropeless to prevent whale entanglements is exciting conservationists, but getting a frigid reception from harvesters worried it will drive them out of business and upend their way of life.Injuries to endangered North Atlantic Right Whales ensnared in fishing gear have fueled a prominent campaign by environmental groups to pressure the industry to adopt on-demand equipment that only suspends ropes in the water briefly before traps are pulled from the water.The Monterey Bay Aquarium’s Seafood Watch…

23 May 2023

UN Concerned by Lack of Grain Ships Going to One Ukrainian Port

© Aleksandr Lesik / Adobe Stock

The United Nations expressed concern on Monday that Ukraine's Black Sea port of Pivdennyi (Yuzhny) has not received any ships since May 2 under a deal allowing the safe wartime export of grain and fertilizer.U.N. spokesman Stephane Dujarric did not say who was to blame for the lack of ships traveling to the port, near Odesa, which is also where Russia used to pump up to 2.5 million tonnes of ammonia annually for export via a pipeline from Togliati.That pipeline has been shut down since Moscow's February 2022 invasion of neighboring Ukraine.

06 Jul 2023

NGO Shipbreaking Platform Pushes for Safe Recycling of FSO Safer

The NGO Shipbreaking Platform has called for the safe and environmentally friendly recycling of the FSO Safer, currently being salvaged off the coast of Yemen.The UNDP is looking for a destination for the FSO’s recycling, and the Platform is calling on the Dutch government, one of the biggest donors to the Stop Red Sea Oil Pollution operation, to assist UNDP in identifying a suitable recycling facility. The Netherlands has shown leadership in preventing the environmental disaster an oil spill from the FSO Safer would have caused, says the Platform, along with Dutch company Boskalis, via its subsidiary SMIT Salvage, which has been tasked with the removal of the oil from the FSO.Referring to Dutch involvement in the Stop Red Sea Oil Pollution operation…