Bangladesh Shipping Corporation to Get $22.48 Million for Ship Hit by Missile in Ukraine
Insurers are about to pay state-owned Bangladesh Shipping Corporation (BSC) $22.48 million for its vessel that was hit by a missile during fighting in Ukraine, two officials involved said on Tuesday.The expected settlement is one of the first shipping claims to have been paid out since Russia invaded Ukraine on Feb. 24 last year, in a conflict that has added tens of thousands of dollars to risk premiums for every voyage.An explosion on the night of March 2-3 last year rocked the Bangladesh-flagged Banglar Samriddhi and killed a crew member.
Austal Building 83m Trimaran Ferry for Japan
Austal has revealed its latest development in high-speed trimaran technology with an 83 meter trimaran ferry.The ferry is under construction for JR Kyushu Jet Ferry of Japan, at the company’s Henderson South shipyard in Western Australia.Austal Hull 396, to be known as Queen Beetle, was designed and constructed by Austal Australia and is due for launch in mid-March 2020. The vessel will be handed over to JR Kyushu Jet Ferry in June 2020 and will commence services between Busan…
Brexit Prompts North P&I Club to Set up Dublin Subsidiary
British ship insurer North is setting up a new European Union subsidiary in Dublin in case Britain loses access to the single market after Brexit, becoming the first of these specialised providers to announce such a move. Insurers are making contingency plans after Britain’s vote to leave the EU means they could risk losing “passporting” rights that allow UK financial services firms to trade in Europe without the need for locally regulated entities. Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs like North could weaken other parts of the country’s multi-billion pound shipping services sector.
MAST Partners with Beazley Group
MAST (‘Maritime Asset Security and Training’), a leading security organization that provides specialist global security services for the maritime community, has partnered with Beazley Group to offer a tailored piracy insurance policy designed specifically for shipowners with vessels operating in the Gulf of Guinea. The specialist policy has been developed in response to an increase in attacks, kidnaps and ransom demands against commercial ship owners operating in the Gulf of Guinea. This is in marked contrast to the Gulf of Aden, where latest figures from the International Maritime Bureau show a 54 per-cent drop in the number of piracy attacks in the region…
Botany Bay Ship Pilot Training
Botany Bay was replicated for an Australian-first marine emergency training exercise that Sydney Pilot Service commissioned for four of its pilots. The wholly owned subsidiary of Sydney Ports Corporation recently conducted the new commercial Advanced Manned Model Pilot Training program at the Australian Ship Handling Centre at Port Ash. Participants had to pilot model ships, 1/25th the size of an actual ship, through simulated emergencies within the replicated Botany Bay. The bay was recreated using buoys, beacons, piles and temporary wharf lines.
Insurance Market To Back Reform
The International Underwriting Association, Lloyd's and the Lloyd's Insurance Brokers' Committee have unveiled a jointly agreed program to reform business processes in the London insurance market. More than 350 organizations that form the market - insurance and reinsurance companies, Lloyd's syndicates and brokers - will now be asked to sign up to a document indicating support for the principles of the program. The report, London Market Principles 2001 (LMP2001), is based on a consultation document published in May, amended to accommodate the extensive feedback received. Ownership of the reforms extends widely across the market, with the common aim to improve customer service, speed up the way the market operates, and create long-term cost savings.
