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General Average

Standard Absorption Clause Welcomed by Industry

Insurance underwriters and average adjusters have welcomed the recent publication of BIMCO’s Standard General Average Absorption Clause. It is hoped that the initiative will help to promote a broad move away from declaring general average for small and uneconomic claims in all sectors of the industry. The Standard Absorption Clause is designed to be of benefit both to shipowners and insurers by avoiding the time and expense associated with pursuing small general average claims. The Clause is targeted for use in hull and machinery policies covering all types of vessels from container ships, bulk carriers, and tankers to cruise ships. BIMCO’s Deputy Secretary General, Søren Larsen, said that “it is not the first time that the marine insurance sector has looked to BIMCO for assistance in developing and promoting a standard clause for industry-wide use and we are delighted to have been able to continue the excellent working relationship on this occasion”. He continued “we have worked closely with insurance underwriters, average adjusters, shipowners and the International Group of P&I Clubs to ensure that the Standard Absorption Clause fairly represents the interests of all parties. This, we hope, will encourage the Clause’s widespread adoption”. Average adjusters are unequivocal in their support for the new Clause


BIMCO to go by York-Antwerp Rules 2016

Søren Larsen Deputy Secretary General of BIMCO

BIMCO’s Documentary Committee, who met in Copenhagen yesterday, have agreed that all new and revised BIMCO charter parties and bills of lading will now refer to general average being adjusted in accordance with the new York-Antwerp Rules (YAR) 2016. The YAR 2016 were adopted by the Assembly of the Comité Maritime International (CMI) at its 42nd International Conference held last week in New York. The YAR 2016 largely reflect the YAR 1994


DHT Reports 4Q 2005 Results

Double Hull Tankers, Inc. announced results for the period from October 18, 2005 to December 31, 2005. Total revenues for this period were $20.2 million and net income was $9.5 million, or $0.32 per share (diluted). The Board of Directors of DHT has declared a dividend of $0.43 per share, which will be paid on March 24, 2006 to shareholders of record as of the close of business on March 10, 2006. Total revenues of $20.2 million consist of $14.7 million in base charter hire revenue and $5


ACL Announces Three Year Agreement for Employees and Teamsters Local 89

American Commercial Lines Inc. announced that the company has secured a three year agreement for its shipyard employees with the General Drivers, Warehousemen & Helpers (Teamsters), Local Union No. 89. The three year agreement, which was ratified by over 95% of the voters, provides for first year wage increases ranging from 5% to 18% for various job positions resulting in an overall average wage increase of approximately 11%.


Slow-Steaming Through a Legal & Insurance Minefield

Image courtesy of UK P&I Club

The UK P&I Club’s publication ‘Hellas Hilights - Issue 28’ recorded Rod Lingard's attendance at the green4Sea Forum and his address on 'The Legal and Insurance Aspects of Slow-Steaming, excerpted as follows: What’s the problem? On one side the owner has an obligation to follow the charterer’s slow-steaming instructions under the charterparty yet on the other the owner has the usually implied obligation under the Bill of Lading to proceed with due dispatch


DGS Marine Orgainses 1st BE&O P&I Seminar

DGS MARINE DELIVERS P&I INSIGHTS FOR CYPRUS SHIPPING COMMUNITY

  DGS Marine, a leading global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I facility, has held the first BE&O P&I Seminar in Limassol, Cyprus. Hosted by Captain Andreas Efthimiades, Head of DGS Marine’s Cyprus office and Director of Claims, the seminar was attended by delegates from Cyprus’ shipping and insurance community, with the goal of providing them with a better understanding of some of the most


General Maritime to Sell Nine Tankers

General Maritime Corporation announced that it has agreed to sell nine OBO Aframax tankers en bloc to Tanker Pacific for $247.5 million. The company expects to realize a net gain of $16.6 million from the sale. The company intends to utilize the proceeds to pay down debt, for corporate purposes which may include share repurchases, and for any future acquisitions that the Company may consider. Deliveries of the nine vessels are expected to be concluded by June 2006.


GMR Combines with Arlington Tankers

General Maritime Corporation (GMR) announced that Historic General Maritime and Arlington Tankers Ltd. have completed their combination to form public company to be known as General Maritime Corporation (formerly known as Galileo Holding Corporation). In accordance with the terms of their merger agreement, Historic General Maritime and Arlington each became wholly-owned subsidiaries of General Maritime. All outstanding shares of both companies were exchanged for shares of General Maritime


Ships 10% Less Fuel Efficient Than Those Built in 1990

Graph by Seas At Risk

 New ships today are no more efficient than they were over twenty years ago, despite shipping industry claims to the contrary. The efficiency of new ships has deteriorated by 10% on average since 1990.   The study also shows that containerships built 30 years ago already, on average, beat the "Energy Efficiency Design Index" (EEDI) standard set by IMO for new ships built in 2020.   The study, "Historical trends in ship design efficiency


Gener8 Maritime to Go Public

Image: General Maritime Corporation (now Gener8 Maritime)

 Private equity-backed tanker operator Gener8 Maritime filed with the U.S. Securities and Exchange Commission (SEC) to proceed with an initial public offering worth up to $100m.   The company was created in February 2015 via the merger of General Maritime and Navig8 Crude.   New York-based company booked $391 million in pro forma historical sales for the 12 months ended March 31, 2015, plans to list on the NYSE under the symbol GNRT.   


Baltic Index Down For Sixth Straight Session

© Hellen Sergeyeva / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the sixth consecutive session on Tuesday on lower rates for larger vessel segments. The overall index, which factors in rates for capesize, panamax


Baltic Index Down on Weaker Rates

File Image: CREDIT FedNav

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday on weaker rates for panamaxes and smaller vessels, even as rates for capesizes rose.   The overall index, which factors in rates for capesize, panamax


Baltic Index Down for Eighth Straight Session

File Image (CREDIT: AdobeStock / (c) Lukasz Z)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for an eight straight session on Thursday as rates for panamaxes and smaller vessels slipped, even as capesize rates strengthened.  


Lower Rates for Bigger Vessels Drag Baltic Index Down

© Volodymyr Kyrylyuk / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the ninth consecutive session on Friday, weighed down by lower rates for larger vessel segments. The overall index — which factors in rates for capesize, panamax


Smaller Bulkers Buoy Baltic Index

File Image: a smaller, modern bulk vessel underway (CREDIT: FedNav)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday, supported by stronger rates for smaller vessel segments even as capesize rates weakened.   The overall index, which factors in rates for capesize, panamax


Los Angeles Port Cargo Volumes Rise

Photo: Port of Los Angeles

 Californian Port of Los Angeles has seen its volumes increase by 10 percent in the first quarter of 2017 as it handled a total of 2.23 million TEUs in the three-month period, compared to 2 million TEU seen in the same quarter a year earlier.  


Weaker Capesize Rates Weigh on Baltic Index

File Image (CREDIT: AdobeStock / (c) Lidian Neeleman)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday on weaker rates for capesize vessels.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down two points, or 0


Baltic Index Down as Capesize Rates Sag

File Image (CREDIT: AdobeStock / (c) lidian neeleman)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday on weaker rates for larger vessels.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 16 points, or 1


DryShips Acquires Three Kamsarmax Bulkers

DryShips has entered into agreements with unaffiliated third parties to purchase three Kamsarmax drybulk carriers built in 2014.   One 81,918 DWT Kamsarmax drybulk carrier is built in 2014. The company expects to take delivery of this vessel during the second quarter of 2017.   


Falling Capesize Rates Weigh on Baltic Index

File Image (CREDIT: AdobeStock / (c) Lukasz Z)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday on sliding rates for capesize vessels, weighed further by weaker panamax demand.   The overall index, which factors in rates for capesize, panamax


Iraq's Oil Exports Fall in April Amid Port Work, OPEC Cut

Oil shipments from Iraq's southern terminals have fallen so far in April, according to loading data and an industry source, reflecting a temporary drop in export capacity and Iraqi efforts to comply with OPEC production cuts. OPEC's second-largest producer has curbed output this year as part of


Shanghai Grapples with Traffic Congestion

File Image (CREDIT: AdobeStock / (c) zhu difeng)

The world's busiest container port, Yangshan in China's business hub of Shanghai, is battling severe congestion wrought by dense fog, higher-than-usual volumes and the aftermath of a shake-up in shipping alliances, ocean carriers and port officials say.  


Baltic Index Falls to Weakest Since Mid-December

© norinut / Adobe Stock

The Baltic Exchange's main sea freight index marked its biggest percentage decline since mid-December on Friday as rates for larger vessels dipped due to limited activity. The Baltic index, which tracks rates for ships carrying dry bulk commodities, was down 3.86 percent.


Washington Maritime Economy Grows Stronger -Study

© Bill Perry / Adobe Stock

A new report from the Washington Maritime Federation shows strong health of industry, increased average salaries and tremendous opportunity to continue to grow maritime jobs.   The Washington State Maritime Sector Economic Impact Study 2017 Update


Baltic Index Down on Weaker Capesize Rates

File Image (CREDIT: AdobeStock) / (c) n neeleman)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Monday on weaker rates for large vessels.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 25 points, or 2






 
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