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Clubs News

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

15 Nov 2023

Digitalization: Maritime Charts its Course

Data collaboration among maritime players will be vital to facilitate more efficient ship performance as operations become more digitalised. Photo: Shutterstock

Maritime players plotting pathways to data collaboration with digital projects in line with new BV-backed research study.Digital technologies are increasingly being leveraged by shipping players to facilitate data collaboration among different actors in areas like ship design, vessel performance and port calls as a new Thetius research study backed by Bureau Veritas (BV) shows this will be vital to drive decarbonization, an OrbitMI-hosted panel heard at the recent Shipping Insight event in the US.“Data-powered…

09 Nov 2023

Burger Boat Company Introduces the 142 Atrium Motor Yacht

Source: Burger Boat Company

Burger Boat Company and yacht designer Evan K. Marshall have collaborated on the Burger 142 Atrium Motor Yacht, a vessel the companies say combines impeccable design and cutting-edge technology in a stunning 142-foot masterpiece.The inspiration behind the design was to establish an extraordinary centerpiece within the yacht's interior. With the Atrium, Marshall has successfully crafted a multi-story grand entrance that has never been seen on a yacht of this size. This distinctive feature will captivate the owner and their guests…

18 Sep 2023

Marine Insurance Market is “Strength and Stability in Turbulent Seas”

President Frédéric Denèfle (source  IUMI)

Opening this week’s International Union of Marine Insurance (IUMI) annual conference in Edinburgh, Scotland, President Frédéric Denèfle explained the conference theme of “strength and stability in turbulent seas” saying it is essentially “business as usual” for marine underwriters.“As marine underwriters, we are used to managing an array of casualties and losses onboard a variety of vessels and in ports and other shoreside facilities. Dealing with the fall-out from natural catastrophes such as earthquakes and weather events are also workaday issues.

03 Feb 2023

Panama Recovers $15.7 Million in Wages Owed to Seafarers

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The Panama Maritime Authority (AMP) said it has recovered more than $15.7 million in wage payments owed to seafarers who sail on Panamanian-flagged vessels.Under its current administration, through the General Directorate of Seafarers (DGGM), the AMP said it has recovered $15,763,052.24 for vessel crewmembers, including $5,315,909.99 in 2022.The AMP said that during this span 1,248 maritime labor complaints were processed (including 451 in 2022) and that 1,864 crew members of various nationalities have been repatriated through the intervention of the AMP the shipowners…

29 Dec 2022

Ship Insurers to Cancel War Cover for Russia, Ukraine

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Ship insurers said they are cancelling war risk cover across Russia, Ukraine and Belarus, following an exit from the region by reinsurers in the face of steep losses.Reinsurers, who insure the insurers, typically renew their 12-month contracts with insurance clients on Jan. 1, giving them the first opportunity to scale back exposure since the war in Ukraine started, after being hit this year by losses related to the conflict and from Hurricane Ian in Florida.P&I (protection and indemnity) clubs American…

13 Dec 2022

Smart Sanctions: West Targets P&I Clubs to Limit Russian Shipping

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The European Union and the United States are now targeting maritime protection and indemnity (P&I) insurance clubs to limit Russian shipping capacity and cap the price of its oil, meaning we’re finally beginning to see some smart sanctions for a stupid war.P&I clubs are maritime insurance groups that specialize in open-ended, large-risk claims. P&I insurance is a requirement for all heavy cargo and container vessels. Under the new sanctions, European P&I clubs can no longer offer insurance to a vessel carrying Russian oil at a price higher than $60 a barrel.Since February 2022…

08 Dec 2022

Why Are Oil Tankers Stuck in Turkish Waters?

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Turkey's maritime authority said on Thursday it would continue to block the passage of oil tankers that don't carry appropriate insurance letters, adding that insurance checks on ships in its waters were a "routine procedure".The logjam is creating growing unease in oil and tanker markets and comes as the G7 and European Union introduce a price cap on Russian oil.Millions of barrels of oil per day move south from Russian ports through Turkey's Bosphorus and Dardanelles straits into the Mediterranean.Here are key facts about the issue.Ships typically have protection & indemnity (P&I) insurance…

28 Nov 2022

Russia Oil Turmoil Seen Driving Tanker Market Higher

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Tough new sanctions on Russian oil shipments taking effect from December are likely to boost already high tanker rates as buyers race to replace cargoes and are forced to use longer routes, a leading ship manager said.In the latest action against Russia in response to its invasion of Ukraine that began in February, the European Union will ban Russian crude imports from Dec 5, and Russian oil products from Feb 5.Designed to deprive Moscow of revenues that could finance its action in Ukraine…

16 Nov 2022

Port of Los Angeles October Imports Tumble

© MichaelVi / Adobe Stock

October volume at the busiest U.S. seaport fell to its lowest level since 2009 as shippers sent cargo to alternate trade gateways to avoid potential disruptions from ongoing West Coast port labor talks, Port of Los Angeles Executive Director Gene Seroka said on Tuesday.The data comes as ocean trade activity returns to more normalized levels after booming in the early days of the COVID-19 crisis. Seaports like New York/New Jersey, Savannah and Houston have benefited from the uncertainty…

26 Sep 2022

International Group of P&I Clubs Publishes Sustainability Report

Nick Shaw, Chief Executive Officer of the IGP&I, speaking at the International Group Correspondents Conference 2022 currently being held at the QEII Centre in London. (Photo: IGP&I)

The International Group of Protection and Indemnity Clubs (IGP&I) has set out its Sustainability report and updated Correspondents Guidelines to the global network of Protection and Indemnity (P&I) Correspondents listed by its constituent Clubs during its 2022 Correspondents Conference in London, United Kingdom. Both frameworks seek to leverage the collective strength of the IGP&I’s 13-member Clubs and the 65,000 ship owners they represent to further enhance sustainability, safety and best practice across the marine industry.As a forum for its member clubs…

13 Jul 2022

Shahrom Bin Ali Joins BMT Singapore as Marine Engineer Surveyor

Shahrom Bin Ali (Photo: BMT)

Engineering and design consultancy BMT announced Shahrom Bin Ali has joined BMT Singapore as Marine Engineer Surveyor, expanding the company's capabilities and survey offering in the Asia-Pacific region.Shahrom brings over 20 years of industry experience in P&I and H&M investigations, salvage and vessel operations to his new role.After obtaining his diploma in Maritime Engineering at the Singapore Polytechnic, Shahrom started his seagoing career at A.P. Moller, serving as a marine engineer on a wide range of different vessels…

27 May 2022

North and Standard Club Members Approve Merger

(Photo: Standard Club)

Members of the North and Standard Clubs have voted to approve the merger between the two marine insurance firms, creating one of the largest providers of mutual cover in the maritime industries.The P&I clubs, which revealed plans to merge earlier this year, each held special general meetings on May 27 where members voted to greenlight the move to join forces as a single, larger mutual insurer. Pending regulatory approval, NorthStandard is expected to come together as a unified…

09 May 2022

Looking for a Good Deal? Learn to Take Advantage of Interns

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For the future of the industry, hire interns, both college and high schoolers. And pay them: none of that silly privileged unpaid intern crap that occurs in non-maritime industries.I generally wait until I receive the printed issue to read Maritime Reporter and Engineering News, and when I read the August edition, I was both delighted and frustrated, mostly because of the two articles on shipbuilding workforce development.There is so much STEM wheel spinning and to see reports…

29 Apr 2022

Sanctions Tighten Screws on Russia's Sovcomflot as Ship Insurers Cut Cover

© Andrey Sharpilo / Adobe Stock

Western ship insurers are terminating cover for Russia's leading shipping company Sovcomflot as multiple sanctions start to bite, companies involved say, adding to the growing challenges for the state-owned company and Moscow's efforts to export oil and gas.Russia's maritime sector is seeing the wind down of multiple services, including ship certification by leading foreign providers - vital for accessing ports and securing insurance - shipping companies pulling out and ship engine…

21 Mar 2022

American P&I Club Announces Leadership Change

Joe Hughes and Dorothea Ioannou (Photo: American P&I Club)

After 27 years’ service as Chief Executive Officer of Shipowners Claims Bureau, Inc. (SCB), the Managers of the American P&I Club, Joe Hughes will stand down from that role on August 1, 2022. Dorothea Ioannou, currently Deputy Chief Operating Officer of SCB, will succeed Hughes as CEO from that date, making history as the first woman to ascend to the top executive position of an International Group P&I club in the 167 year history of the marine mutuals.At the same time, Vince Solarino will step down as Chief Operating Officer of SCB, Inc.

14 Mar 2022

North P&I and Standard Club Plan to Merge

From left: North CEO Paul Jennings and Standard Club CEO Jeremy Grose.

North P&I and Standard Club revealed they have entered formal discussions for a proposed merger to create a new global marine insurer and one of the largest providers of mutual cover in the maritime industries. The combined mutual insurer would provide cover for vessels equivalent to 400 million GT.The formal announcement follows the approval of the proposal by both clubs' boards and notification to principal regulatory authorities of their intention to merge. A joint North and Standard Club working group has been appointed to evaluate how a combined entity would maximize value for members.

08 Dec 2021

BIMCO's New Carbon Emissions Clauses a 'Game-changer'

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A series of clauses has been drafted in response to strict new environmental legislation that will seek to reduce the industry's carbon emissions and which will change the way ships are operated in the futureFrom January 1, 2023, the International Maritime Organization's revised initial greenhouse gas rules will start to take effect, with the aim of reducing carbon emissions from ships by 40% from 2008 levels by 2030. This will involve ships meeting increased technical measures to improve a ship's energy efficiency (EEXI)…

16 Dec 2021

Gupta joins BMT to Head of Casualty Investigation, Asia

BMT appointed Hittesh Gupta as Head of Casualty Investigation, Asia, a key position as BMT looks to expand its office presence for Marine Surveys in Singapore and strengthen its marine consulting services hub position in Asia.With more than 23-years of experience in the shipping industry, Gupta has a deep understanding of marine surveying having served on product and crude oil tankers and offshore oil & gas production units. He has worked extensively for underwriters and leading P&I Clubs undertaking casualty investigations across the full spectrum of vessels and provided assessments of their Cargo / Seaworthiness – Oil, Chemical, Gas tankers…

06 Dec 2021

BIMCO Launches Contract for Security Escort Vessels

© Wojciech Wrzesień / Adobe Stock

Shipping association BIMCO said it has created a new standard contract for providing a balanced contractual framework for security escort vessels (SEV) that accompany merchant ships in high threat areas such as the Gulf of Guinea, which has recently seen a rise in piracy activity as the dry season has begun.The new contract is dubbed SEV-GUARDCON because it is based on BIMCO’s GUARDCON contract for the employment of security guards on board ships.“The escort vessel’s capabilities…

13 Jan 2022

New Guidance Aims to Curb Maritime Pilot Transfer Fatalities

(Photo: ICS)

A guide to maritime pilot transfer safety has been updated amid industry concerns about poorly rigged ladders causing severe injuries or fatalities.The ‘Shipping Industry Guidance on Pilot Transfer Arrangements’, produced by the International Chamber of Shipping (ICS) in partnership with the International Maritime Pilots’ Association (IMPA), features a new section with the International Maritime Organization (IMO)’s guidance on combination embarkation platform arrangements. Provisions for a ‘trapdoor arrangement’ in combination ladders…

15 Dec 2021

Marine Insurers Adopt Poseidon Principles to Decarbonize Shipping

Credit: GreenOak/AdobeStock

The Poseidon Principles for Marine Insurance initiative has been launched to provide transparency on carbon emissions and support the shipping industry’s green transition. Marine insurers that launched the initiative on Wednesday, said that the Poseidon Principles for Marine Insurance "are a framework to quantitatively assess and disclose the climate alignment of marine insurers’ underwriting portfolios. ""This pioneering initiative makes marine insurance the first line of business to establish a sector-specific methodology to support the ambition of the Net-Zero Insurance Alliance (NZIA)…

10 Dec 2021

Party Cruise Spreads Omicron in Australia

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COVID-19 infections have been spreading in pubs and clubs in Australia's biggest city, including three new cases of the Omicron variant found among people who went on a harbor party cruise, sending officials rushing to trace contacts.Authorities have been easing restrictions in Sydney since early October when the city emerged from a nearly four-month lockdown to contain the Delta coronavirus variant after the population reached higher vaccination levels."We have seen recently increased transmission in larger social venues ...