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Chinese PM Inks 2 Agreements During CMA CGM Visit

Chinese Prime Minister LI Keqiang (left) with Jacques R. Saadé, Founder, Chairman and Chief Executive Officer of CMA CGM (Photo: CMA CGM)

The CMA CGM Group hosted the Chinese Prime Minister, the French Foreign Affairs Minister and a ministerial delegation at its headquarters in Marseilles, July 1, the global shipping company announced.   Chinese Prime Minister Li Keqiang was accompanied by France Minister of Foreign Affairs Laurent Fabius, the Minister of State for Foreign Trade Matthias Fekl and an important Chinese ministerial delegation during this visit. This delegation included the Chinese Foreign Affairs Minister Yi Wang, the Reform and Development Commission Minister Shaoshi Xu, the Trade Minister Hucheng Gao, the Chinese ambassador in France Jun Zhai, and the Consul General Jinsong Yu.   During this exceptional visit, two agreements strengthening the ties between the CMA CGM Group and China were signed by Jacques R. Saadé, Founder, Chairman and Chief Executive Officer of CMA CGM Group, Rodolphe Saadé, CMA CGM Vice Chairman, Doctor Hu, Executive Vice President China Merchants Group Limited and Liu Vice Chairman and Chairman of CEXIM:    The first agreement is for a partnership between China Merchants (CMHI) and CMA CGM to develop the strategic “One Belt, One Road” project, a strategy initiated by the Chinese government to develop many infrastructure and ports-related logistics projects. CMA CGM and China Merchants (CMHI) agreed on a common and primary interest


China Port Cargo Losses to Reach $1.5 bln

Explosions in the Chinese port of Tianjin last month would lead to cargo losses of at least $1.5 billion, and were having a "significant impact" on the marine insurance sector, a trade body said on Tuesday. "We are expecting to see cargo losses of at least $1.5 billion, with some reports stating that the final figure could be as high as $6 billion," Nick Derrick, chairman of the International Union of Marine Insurance's cargo committee, said in a statement.


UK Defense Club Reports Strengthened Financial Position

The UK Defence Club, the provider of FD&D (legal costs) insurance to the maritime industry, announced its financial results for the year ending February 20, 2015.   According to the club, highlights include 3,700 ships covered, total assets of £56.5 million; combined loss ratio of 94 percent; free reserves £28.4 million; 167 million GRT, increase of five percent in owned tonnage; net claims incurred, including claims provision, increased to £13


Exmar sells Belgibo to JLT

Photo: BELGIBO NV

 Ship management company EXMAR has reached an agreement to sell insurance broker BELGIBO NV to Jardine Lloyd Thomson Group plc (JLT), one of the world’s leading providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services.   Based in Antwerp, Belgibo is a leading Belgian specialist broker with a strong client-first advisory approach and commercial strengths in marine, credit and political risks, aviation, cargo, employee benefits


UK P&I’s Europe Club Receives Upgrade

The UK P&I Club (the UK Club), one of the oldest shipping protection and indemnity insurance mutuals, has announced that ratings agency Standard and Poor’s has extended its ‘A – ‘ rating to The United Kingdom Mutual Steamship Assurance Association (Europe) Ltd. (the Europe Club).   This news follows the November announcement that Standard and Poor’s upgraded the outlook for The United Kingdom Mutual Steamship Assurance Association (Bermuda) Ltd


Safe Harbor Pollution Insurance Broadens In-house Capacity

Safe Harbor Pollution Insurance broadens panel of security, increases marine pollution capacity    Vessel pollution liability insurance company Safe Harbor Pollution Insurance announced it has expanded its carrier partnerships to include Berkshire Hathaway Specialty Insurance Company (BHSI) and Argonaut Insurance Company.   With this expanded panel, Safe Harbor said it has more than tripled its in-house capacity


Mitsui Marine, Sumitomo To Merge

Sumitomo Marine & Fire Insurance and Mitsui Marine & Fire Insurance have agreed to merge by April 1, 2002, in a move that would create Japan's largest non-life insurer. With combined assets of $51.7 billion, the merged company would outstrip current industry leader Tokio Marine & Fire Insurance, whose assets stand at $48.5 billion. Mitsui Marine is Japan's third largest non-life insurer, and Sumitomo Marine the fourth biggest.


Maritime Character of Insurance is Determined by Examining Whole Policy

The U.S. Court of Appeals for the Second Circuit ruled that the maritime character of an insurance policy is determined by examining the entire policy, not just the portion involved in a dispute. In the instant case, a ship tank cleaning business (through its corporate parent) purchased insurance from defendant insurer’s predecessor in interest. The insurance contract contained a Shiprepairers Legal Liability (SLL) policy coupled with a modified Comprehensive General Liability (CGL) policy


DeSimone Named President XL Insurance

XL Insurance, the insurance underwriting operations of XL Group (NYSE: XL), appointed Richard DeSimone as President of its US Ocean and Inland Marine unit. DeSimone will be based in New York and reports to Neil Robertson, Chief Executive, Global Specialty in London. ”This is a clear statement of our intent to become a more significant market for both Inland and Ocean Marine business in the United States” said Mr. Robertson


Moore Stephens & Clyde & Co Set Up Insurance Intermediary Consultancy

Insurance accountant and consultant Moore Stephens has joined with international law firm Clyde & Co to provide specialist advice to intermediaries on all aspects of the authorization process and on continuing compliance with FSA requirements. The rigorous FSA regime comes into effect on January 15, 2005. Intermediaries have until July 14 this year to submit their completed registration packs to the FSA. The new rules are not voluntary


IUMI: Offshore Energy Insurance Market “Sinking”

Photo: International Union of Marine Insurance

 At annual IUMI (International Union of Marine Insurance) conference in Tokyo, James McDonald, chairman of IUMI’s Offshore Energy Committee warned that the sector was “sinking”.   His warning was based on declining total premium income set alongside upstream


Scorpio Tankers Updates on Fleet Status

Photo: Scorpio Tankers Inc

Scorpio Tankers sold and leased back, on a bareboat basis, three 2013 built MR product tankers, STI Beryl, STI Le Rocher and STI Larvotto to Bank of Communications Financial Leasing in April 2017.   The sales price was $29 million per vessel and the company bareboat chartered-in the vessels


How to Legally Remove a Hazardous Wreck

Photo:  International Maritime Organization (IMO)

 What is the legal basis for removing a hazardous wreck at sea? Who bears the liability? These and many other wreck removal questions were addressed by IMO’s Jan de Boer at the ACI’s Maritime Salvage & Casualty Response conference in London (13-14 September).  


“Blockchain” and the World of Marine Insurance

© the_lightwriter / Adobe Stock

If you’ve been working in the marine insurance industry lately, you will have heard about “blockchain” at some point; it is the electronic, distributed ledger, notoriously known for enabling the use of cryptocurrencies such as Bitcoin and Ether


Skuld Announces Positive Half Year Results

Logo: Skuld

 Skuld announced a positive bottom-line result of USD 8 million for the six months ending 20 August 2017, compared with USD 29 million at the half year in 2016.   The period has been marked by a small number of substantial claims


Wreck Removal Treaty Comes into Force in Singapore

Photo: Gard

 Skuld Singapore  has reminded all members that Singapore has ratified the Wreck Removal Convention (WRC) which entered into force in Singapore on 8 September 2017.   "As members will be aware, the WRC requires among other matters owners of ships over 300 GT to have in place


Braemar Acquires NAVES

Photo: Braemar Shipping Services

 Braemar Shipping Services plc  announced the conditional acquisition of the entire issued share capital of NAVES Corporate Finance GmbH.    Braemar is a leading international provider of broking, consultancy, technical and other services to the shipping, marine, energy


Frontline Hopes to Sail through Weak Tanker Market

Photo: Frontline Management AS

 Frontline Management said tanker markets are likely to remain weak for the next few quarters due to overcapacity.   The market for Frontline's tankers will likely begin to improve in 2018, it said, as the pace of deliveries of new vessels slows and older ships are retired from the


Rickmers Maritime Wound Up

Photo: Rickmers Trust Management Pte. Ltd

Rickmers Trust Management, a trustee-manager of Rickmers Maritime, informed that the trust has been wound up. The units of the trust and its notes shall cease to exist, said its trustee-manager in a Singapore Exchange (SGX) filing.   


MOL Joins Blockchain Consortium

MOL Logistics (Hong Kong). Photo: Mitsui O.S.K. Lines

 Mitsui O.S.K. Lines (MOL) has announced its determination to participate in the "Consortium to develop trade data sharing platform using blockchain technology," in which NTT DATA Corporation serves as the administrative office.   


Conrad Reports 2Q Profit of $1.4 Mln

For the quarter ended June 30, 2017, U.S. shipbuilder Conrad Industries, Inc. reported a net income of $1.4 million and earnings per diluted share of $0.27, up from $1.3 million and earnings per diluted share of $.25 for the second quarter of 2016.  


DHT Holdings Completes Delivery of 9 VLCCs

Photo:  DHT Holdings, Inc.

 Bermuda-based DHT Holdings has completed the delivery of the nine VLCCs acquired from the BW and the contracts for the two newbuildings due for delivery in 2018 have been transferred to DHT.    DHT has a fleet of 30 VLCCs, 26 in the water and four under construction scheduled for


Capital Product Partners Sings Pact for $460 Mln Refinancing

Photo: Capital Product Partners L.P.

 Capital Product Partners  entered into a firm offer letter for a senior secured term loan facility of up to $460.0 million with HSH Nordbank AG and ING Bank as mandated lead arrangers and bookrunners and BNP Paribas and National Bank of Greece S.A. as arrangers.   


Japan Bank Finances Danish Shipper

Photo: Japan Bank for International Cooperation (JBIC)

 The Japan Bank for International Cooperation (JBIC) will provide a total of $28.3 million in syndicated loans with French bank BNP Paribas to help a major Danish shipping operator’s unit buy cargo vessels to be built by leading Japanese shipbuilder Imabari Shipbuilding


AHHI Insures 1,900 Vessels in First Year

Photo: American Hellenic Hull Insurance

 Cyprus-based American Hellenic Hull Insurance (AHHI) surpassed key targets during its first year of operation: 1,900 insured vessels, written premium income exceeded $10 million and covered 35 million GT on 100% basis, said a press statement.  






 
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