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Allianz News

03 Mar 2024

Malaysia Says MH370 Search Must Go On

© atulvermabhai / Adobe Stock

Malaysia is pushing for a renewed search for Malaysia Airlines Flight MH370, the transport minister said on Sunday, as the 10th anniversary of its disappearance in one of the world's greatest aviation mysteries approaches.Flight MH370, a Boeing 777 carrying 227 passengers and 12 crew, vanished en route from Kuala Lumpur to Beijing on March 8, 2014.Malaysian investigators initially did not rule out the possibility that the aircraft had been deliberately taken off course, and debris…

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…

31 May 2023

Shadow Tanker Fleet Poses New Safety Challenges

© momentscatcher / Adobe Stock

Ongoing and new threats posed by the ripple effects of the Ukraine conflict will create challenges to the shipping sector over the next 12 months and beyond, according to insurer Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2023.Every year AGCS analyzes reported shipping losses and casualties involving vessels over 100 gross tons. During 2022, 38 total losses were reported globally, compared with 59 a year earlier. This represents a 65% decline in…

23 Feb 2023

Top Threats for the Marine Industry in 2023

Fire and explosion onboard ships remains the number one concern. Copyright Artem/AdobeStock

Allianz just released its 12th Risk Barometer, an annual corporate risk survey incorporating the views of 2,712 risk management experts in 94 countries and territories, including CEOs, risk managers, brokers and insurance experts. The overall global results reveal Cyber incidents and Business interruption as the biggest company concerns for the second year in succession. Macroeconomic developments such as inflation, financial market volatility and a looming recession rose to the third spot followed by the impact of the Energy crisis…

21 Feb 2023

Shipping Industry Grapples with Ways to Cut Cargo Fires at Sea

The Singapore-registered MV X-Press Pearl, carrying 1,486 containers, including 25 tonnes of nitric acid along with other chemicals and cosmetics, was anchored off Sri Lanka's west coast when a fire erupted onboard after an explosion on May 20, 2021. (Photo: Sri Lanka Coast Guard)

Global shipping companies are exploring ways to boost safety in transporting cargoes as risks grow from fires erupting inside containers or in cars at sea, officials said on Wednesday.Shipping transports around 90% of world trade onboard different vessels including container and Ro-Ro ships with trade routes getting busier.In a new initiative, leading carriers Evergreen Line of Taiwan, South Korea's HMM, Denmark's Maersk, Germany's Offen Group, Singapore's ONE (Ocean Network Express)…

18 Jan 2023

Allianz: Top 5 Risks in Marine & Shipping

©Oleksii Fadieiev/AdobeStock

Allianz, a global commercial insurer, just released its 2023 Risk Barometer, which shows how 2,712 risk management experts from 94 countries ranked the top corporate risks. While the report offers insights on perceived global business risks in general, it also offers insights by industry sector. MarineLink's readers will be interested to see what's most important in "Marine and Shipping" in 2023, as shared by Allianz. The number one risk in "Marine and Shipping" in 2023 is "Fire…

06 Dec 2022

North Star Secures Funding for Offshore Wind Fleet Construction

©North Star

UK-based offshore vessel operator North Star has secured a £140 million (currently around $171 million) financing package.The company, building a fleet of service operation vessels for offshore wind operations, said Tuesday it would use the funds to support the next phase of its ambitious offshore wind growth plan.The investment includes a £50 million commitment from the Scottish National Investment Bank (The Bank), as well as IFM Investors, Edmond de Rothschild’s BRIDGE, and RBC Capital Markets."The Bank’s investment aligns with its mission to support Scotland’s transition to net zero…

03 Oct 2022

Lithium-ion Batteries: Fire Risks and Loss Prevention Measures in Shipping

Copyright JustSuper/AdobeStock

About the Author: Captain Rahul Khanna is Global Head of Marine Risk Consulting at Allianz Global Corporate & Specialty. A marine professional with 26 years of experience within the Shipping and Maritime industry, Captain Khanna served more than 14 years on board merchant ships in all ranks, including Master of large oil tankers trading worldwide. Although shipping losses have more than halved over the past decade fires on board vessels remain among the biggest safety issues for the maritime industry.

07 Jun 2022

Marine Insurance: Cargo Fires are a Burning Issue for Shipping

Copyright burnstuff2003/AdobeStock

Commercial insurer Allianz Global Corporate & Specialty released its Safety & Shipping Review, an annual analysis of shipping losses and accidents worldwide. The 2022 report reveals that the maritime sector continues its long-term positive safety trend over the past year with 54 total losses of vessels reported globally, compared with 65 a year earlier. This represents a 57% decline over 10 years (127 in 2012); while during the early 1990s the global fleet was losing 200+ vessels a year.The 2021 loss total is made more impressive by the fact that there are an estimated 130…

20 May 2022

CIP Proposes to Build Hydrogen Island in Danish Dogger Bank Area

Hydrogen - ©Corona Borealis/AdobeStock

Copenhagen Infrastructure Partners (CIP) has proposed to construct an artificial island dedicated to large-scale production of green hydrogen from offshore wind – called "BrintØ" - in the Danish part of the North Sea. According to CIP, one of the world’s largest dedicated fund managers within greenfield renewable energy investments, the Hydrogen Island is expected to be able to produce one million tons of green hydrogen per year once fully built and will thus be "a crucial step…

09 May 2022

Ship Insurance Claims to Rise as Black Sea Remains High Risk Area - Allianz

© nskyr2 / Adobe Stock

Global insurers are expected to receive multiple marine insurance claims from ships damaged or lost as the conflict in Ukraine spills over into sea lanes, insurer Allianz Global Corporate & Specialty (AGCS) said in a report on Tuesday.Two seafarers have been killed and six merchant vessels hit by projectiles - sinking two of them - around Ukraine's coast since the start of Russia's invasion of its neighbor on Feb.

18 Mar 2022

Bangladesh Seeks $22.4 Million After Missile Hits Ship in Ukraine

State-owned Bangladesh Shipping Corp is seeking $22.4 million from its insurer for a cargo ship hit by a missile in March, government officials with knowledge of the talks said, in the first major marine insurance claim from the conflict in Ukraine.The UN's shipping agency said last week it would create a safe maritime corridor for merchant ships and crews stuck in the Black Sea and Sea of Azov, although shipping industry sources expect progress to be slow. Projectiles have hit four other vessels in recent days with one sunk.Insurance premiums have soared by over 100% for voyages to the region since the war started. Insurers are watching…

25 Aug 2021

VIDEO: Long-Term Consequences of Covid-19’s Crew Change Crisis

By Igor Kardasov/AdobeStock

The international shipping industry continued its long-term positive safety trend over the past year. The number of large vessels lost remained at record low levels in 2020, while reported incidents declined year-on-year, according to Allianz Global Corporate & Specialty SE’s  (AGCS) Safety & Shipping Review 2021.The AGCS report notes that the shipping sector has shown great resilience through the coronavirus pandemic, as evidenced by strong trade volumes and the recovery seen in several parts of the industry today.

23 Aug 2021

North Star Renewables Secures $131M Loan to Build Offshore Wind Vessels

File Image: North Star Renewables

North Star Renewables, a North Star Shipping subsidiary established earlier this year to target offshore wind business opportunities, said Monday it had finalized a funding package of £96 million (around $131 million) to build its new renewables vessel fleet.The Aberdeen-based company has contracts in hand worth around £270 million (~$368 million), to deliver three service operation vessels (SOVs) to be used on what will be the world’s largest offshore wind farm, the 3.6GW Dogger…

19 Aug 2021

OFCO Buys Seven Offshore Support Vessels

An aerial view of one of the new vessels acquired by OFCO. (Photo: Abu Dhabi Ports)

Offshore Support and Logistics Services Company (OFCO – Offshore International), the integrated maritime logistics service provider that is jointly owned by Allianz Marine & Logistics Services (AMLS) and SAFEEN, Abu Dhabi Ports’ marine services arm, announced it has acquired seven offshore support vessels, including four anchor handling tugs, a 65-meter landing craft, as well as a supply ship and multipurpose safety standby vessel.Officially launched in January 2021, OFCO provides onshore and offshore integrated logistics solutions, and subsea services.

11 Aug 2021

Cyber Security Threats Challenge International Shipping Industry

© joyt / Adobe Stock

The crippling ransomware attack against the Colonial oil pipeline in the U.S. in May 2021 should be a wake up call for the maritime industry. As a critical part of the global supply chain, the shipping industry could become an attractive target for cyber criminals and politically motivated attacks. Marine insurer Allianz Global Corporate & Specialty explores these challenges in its latest Safety & Shipping Review 2021.The 9,000km long Colonial Pipeline, which connects some 30 oil refineries and nearly 300 fuel distribution terminals…

24 Mar 2021

Stranded Suez Ship's Owner, Insurers Face Millions in Claims

(Photo: Suez Canal Authority)

The owner and insurers of one of the world's largest container ships stuck in the Suez Canal face claims totaling millions of dollars even if the ship is refloated quickly, industry sources said on Wednesday.The 400-metre, 224,000-tonne Ever Given ran aground on Tuesday morning after losing the ability to steer amid high winds and a dust storm, the Suez Canal Authority (SCA) said in a statement, threatening to disrupt global shipments for days.GAC, a Dubai-based marine services company…

28 Jan 2021

Abu Dhabi Ports, Allianz Marine form Offshore Logistics JV

Abu Dhabi Ports’ maritime arm SAFEEN has signed an agreement with offshore vessel owner Allianz Marine & Logistics Services (AMLS), to launch a new international provider of integrated maritime logistic services."Operating under the title of Offshore Support and Logistics Services Company (OFCO – Offshore International), headquartered in Abu Dhabi, the new joint venture will be one of the largest, most capable, and cost-efficient providers of onshore and offshore integrated logistics solutions and subsea services in the GCC [Gulf Cooperation Counci] Gulf Cooperation Council region and beyond," Abu Dhabi Ports said in a statement.According to the statement released Thursday…

19 Jan 2021

Pandemic-Related Risks Top the List for 2021, says 10th Allianz Risk Barometer

© freshidea/AdobeStock

Business interruption, pandemic outbreak and cyber incidents -- three separate but 'strongly interlinked' matters -- lead the pack as the top threats to maritime in 2021, according to the 10th Allianz survey on risk in the maritime sector.The maritime industry, on its best day, is fraught with risk, as people, machinery and the bulk of world trade regularly traverses some of the most perilous conditions on the planet. According to the 10th Allianz Risk Barometer 2021 for the sector…

14 Dec 2020

Top Maritime Trends of 2020: Captain Andrew Kinsey, Allianz, Examines Logistics Challenges

© alexlmx/AdobeStock

Captain Andrew Kinsey, Senior Marine Risk Consultant, Allianz Global Corporate & Specialty, recently discussed some of the trends that will shape 2021 for the maritime, ports and logistics world.MR TV: As we come to the end of 2020, talk now turns not simply to COVID-19 and a potential vaccine, but to the supply chain logistics and challenges that come with distributing those vaccines. How does the picture look from where you sit?Andrew Kinsey:  The picture looks complicated. It's a global demand. It's a global logistics problem.

09 Dec 2020

Top Maritime Trends of 2020: Tackling the Scourge of Containership Fires

“One troubling statistic is that on average there is a fire onboard a container ship every week, with a major container fire occurring on average every 60 days.” (Photo: Indian Coast Guard)

The proliferation of serious fires onboard container ships in recent years has shocked the shipping industry. Here we examine the causes and impact of such fires and the urgent efforts being made by a wide variety of stakeholders to solve this seemingly intractable problem.Over the last decade there has been a 70% fall in ship total losses[1]. This has been widely credited to long term improvements in ship safety management and loss prevention programs. Counter to this trend, there has been a substantial increase in the number of fires in containers carried onboard container and RoRo ships.

11 Nov 2020

New Medical Advisory Service for Ships

© Rido / Adobe Stock

A new medical advisory service has been launched to deliver health care services to seafarers, passengers and onsite guests in the maritime industry.OCL Oceanic Catering Ltd, Marine Medical Solutions GmbH and Tritan Software Corporation, in collaboration with Allianz Care, have teamed up to offer SeaMed24, a comprehensive medical advisory service for all types of vessels, from merchant to offshore, leisure and niche expedition cruises.“SeaMed24 has been developed to provide a…

27 Oct 2020

Arctic Shipping Creates Insurance Headaches as Routes Open

© a_medvedkov / Adobe Stock

When Captain Will Whatley guides a ship through Arctic waters, he is starkly aware of what can go wrong.Double the manpower is needed to navigate. Lookout shifts are kept to just one hour, so sailors don't lose concentration and miss a mass of floating ice. Big icebergs show up on radar, but smaller, truck-sized "bergy bits"—even more dangerous—can be missed, the captain says.The cold can freeze equipment and the earth's magnetic field disrupts compasses. If anything goes wrong…

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