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.
ICS Pushing For Balanced Update of York Antwerp Rules
At the Comité Maritime International (CMI) Conference, in New York this week, the International Chamber of Shipping (ICS) will be pressing to ensure that the proposed revision of the York Antwerp Rules of General Average delivers a clear improvement on the present system and does not touch on fundamental principles. ‘General Average’ is a method of equitably allocating and spreading the costs of dealing with a maritime casualty among the parties that benefit from the ship and cargo being saved.
Hapag-Lloyd Announces SAL - MV Hanjin Aqua Update
Hapag-Lloyd announces the South East Asia - Australia Service (SAL) update in regards to the recent CustomerInfo in relation to M/V Hanjin Aqua (Voyage 0029N). They were updated by the Average Adjusters that, following the successful refloating, the vessel is expected to arrive at Singapore on January 15, 2016. The Average Adjusters also advised that the security level was set up at 27% of the cargo value (22% for salvage plus 5% for general average). Hapag-Lloyd customers are…
BIMCO to go by York-Antwerp Rules 2016
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, which BIMCO has to date recommended as the basis for general average adjustments…
Fairmount Alpine delivers rig Ocean Yorktown in Gulf
Fairmount Marine’s tug Fairmount Alpine has delivered the semi submergible drilling rig Ocean Yorktown safely in Brownsville, US, after a 5,400 miles tow from Rio de Janeiro, Brazil. Fairmount Marine was contracted in July by Diamond Offshore, a leading deepwater drilling contractor headquartered in Houston, to tow the semi submersible drilling rig Ocean Yorktown to the Mexican Gulf region. South Africa. The tug was instructed to mobilize towards Ro de Janeiro. Upon arrival in…
Container Ship Casualty Still All at Sea, 'General Average' Declared
There is still no permission for MSC FLAMINIA to enter a sheltered area or a subsequent emergency port says the ship manager's update. Reederei NSB and the salvage company both remain in contact with all littoral states to acquire this permission. At the same time, MSC FLAMINIA and its accompanying group of tugs have taken a position over 400 nautical miles west of the entrance of The English Channel to avoid bad weather and the expected swell. Since the coming days are projected to bring deteriorating weather conditions, the group has set a northwesterly course to an area where less swell is expected. Its speed is 4.5 knots. A significant impairment of the stability of MSC FLAMINIA due the expected wave height cannot be excluded and is observed apprehensively.
SUNY Maritime to Host e-Navigation Conference
It is likely that regions like the Baltic, the North Sea, the Strait of Malacca, Torres Strait and other areas will implement e-Navigation services that modern ships transiting these areas will be required to subscribe to. This will have the effect of requiring such ships to implement e-Navigation even without a formal IMO carriage requirement. Ships transiting the St Lawrence Seaway are already using e-Navigation services. The U.S., too, is making plans to implement certain e-Navigation Services in its coastal and inland waters. The maritime insurance industry is starting to realize that proper implementation of e-Navigation will improve their general average and is considering avenues to encourage their customers to implement e-Navigation.
Slow-Steaming Through a Legal & Insurance Minefield
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. Due dispatch means the most direct route at the fastest speed. There is legal authority that an unreasonable delay is a deviation. A deviation in this respect is a departure from the contractually agreed voyage that deprives the carrier of the defences and rights of limitation that are usually available under The Hague or Hague Visby Rules.
Law Firm HFW Names Paul Dean New Shipping Head
London-based Holman Fenwick Willan (HFW) announce the election of Paul Dean as head of the law firm's shipping practice. Paul Dean has taken over from current head George Eddings who becomes the firm's new Managing Partner effective from 1 April 2013. Paul specialises in dispute resolution arising from marine and offshore matters, including charterparties, bills of lading, shipbuilding, collisions, fire and explosion, salvage, general average, groundings, total loss, towage, seismic and limitation.
Fairmount Alpine Delivers Rig to US GOM
Fairmount Marine’s tug Fairmount Alpine has delivered the semi submergible drilling rig Ocean Yorktown safely in Brownsville, US, after a 5,400 miles tow from Rio de Janeiro, Brazil. Fairmount Marine was contracted in July by Diamond Offshore, a leading deepwater drilling contractor headquartered in Houston, to tow the semi submersible drilling rig Ocean Yorktown to the Mexican Gulf region. At that moment Fairmount Alpine just finished a special survey in Durban, South Africa. The tug was instructed to mobilize towards Ro de Janeiro.
APL Panama Finally Freed
The APL Panama finally broke free from the sandy beach where it ran aground Christmas Day. It was 4:40 a.m. when the 874-foot container ship returned to the sea. Less than three hours later, the vessel was two miles offshore, undergoing inspection of its hull, while bulldozers worked to restore the beach where the ship spent the past 75 days. Under general average, the commonly used international legal procedure, the expenses will be shared by the vessel's German owners, Mare Britannicum Schiffahrtsgesellschaft MBH & Co.; APL, the global container transportation company that chartered it; and the numerous cargo interests. The amounts are subject to negotiation.
Marine Claims & Casualty Investigation Conference
HINODE Maritime Events is conducting the "Conference on Handling Marine Claims and Investigating Marine Casualties". According to the organisers, the program which is scheduled to be held on Wednesday, September 2, 2015 at the Vivanta by Taj - President, Cuffe Parade, Mumbai has received an unusually very good response. There is exceptionally good interest being shown by Marine Claims practitioners, lawyers, insurers, surveyors. * "Cargo Claims and Defences available to Shipowners" by Capt Amol Deshmukh, Head - Marine Claims & Insurance, Celestial Meridian Shipping Pvt. * Marine Casualty Investigation – Are shipowners ready? * Mega Incidents from a P&I Club Perspective - Are the Clubs ready?
Capesize Rates Post Biggest Weekly Drop in 2 Years
The Baltic Exchange's main sea freight index fell on Friday and continued to linger around five month lows as the capesize segment recorded its biggest weekly percentage decline in two years. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels that ferry dry bulk commodities, shed 14 points, or 1.23 percent, to 1,125 points, the lowest since Aug. 10, 2017. For the week, the index ended 12 percent lower. The capesize index fell 118 points, or 7.32 percent, to 1,493 points, its lowest since Aug.
DGS Marine Orgainses 1st BE&O P&I Seminar
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 topical and important P&I-related issues.
Bourbon Revenues Rise in 2013
Revenues up 10.5% vs. full year 2012 to €1.312 billion and up 6.0% vs. fourth quarter 2012 to €331.6 million impacted by U.S. • Foreign currency movements versus the Euro in 2013 (most notably versus the U.S. “2013 revenues of more than €1.3 billion, a complete range of 485 vessels with an average age of 6.2 years and the broad geographical reach of its activities makes Bourbon a leader in the offshore marine services industry,” said Christian Lefèvre, Chief Executive Officer of Bourbon.
IUMI Welcomes Revised York-Antwerp Rules
In general, the International Union of Marine Insurance (IUMI) welcomes the revised York-Antwerp Rules (YAR 2016) which were adopted by the Comité Maritime International (CMI) at its conference in New York last week. The York-Antwerp Rules (YAR) is a set of rules by which General Average (GA) is adjusted (see detailed explanation in the notes below). IUMI has a particular interest in their content as, on average, the GA system increases the cost of maritime casualties by between 10%-30% largely due to interest (7% p.a.
General Maritime to Acquire Tankers
General Maritime Corporation has agreed to acquire 19 tankers, including 14 Suezmax and 5 Aframax vessels from Metrostar Management Corporation, a Greek tanker operator. The acquisition of the vessels is expected to commence on March 1, and to be concluded by April 30, 2003 during which time the vessels will be integrated into General Maritime's fleet operations. The acquisition of the tankers will be made for cash and is subject to the customary conditions of delivery. The Company intends to finance the acquisition through the use of cash on hand and the reserve borrowing power from its existing credit facilities as well as the incurrence of additional bank debt for which it has not yet entered into binding arrangements. Peter C.
Great Lakes Limestone Trade Up in 2017
Shipments of limestone on the Great Lakes totaled 28 million tons in 2017, an increase of 6.4 percent compared to 2016, the Lake Carriers’ Association (LCA) reported. 2017’s loadings were also 2.1 percent above the trade’s five-year average. LCA said loadings from U.S. quarries inched passed their five-year average, totaling 23.2 million tons, an increase of 8.4 percent compared to 2016. Meanwhile, shipments from Canadian quarries totaled 4.85 million tons, a decrease of 2.1 percent from 2016, but 10.4 percent better than their five-year average.
Vessel Earnings and Global Fleet Trends
Clarkson Research Services says market conditions across most sectors of the shipping industry have been highly challenging in 2016. The ClarkSea Index, which illustrates the fortunes of earnings for the major commercial ship types makes fairly clear the fate of the volume shipping sectors, but how is the wider global fleet covered by World Fleet Monitor faring now, in comparison to the post-downturn period as a whole? The ClarkSea Index, an average of earnings for tankers, bulkers…
U.S.-bound LNG Tanker with Russian LNG Diverted
A liquefied natural gas (LNG) tanker probably carrying some supply from a Russian export project has been diverted from the United States, ship-tracking data shows. Engie's Gaselys LNG tanker was diverted on Friday from the Everett terminal in Boston, Massachusetts, where gas prices have tapered off since spiking during a cold snap. The vessel picked up the cargo from storage tanks at Britain's Isle of Grain import terminal in early January. The delivery to the United States was unusual because the LNG at Isle of Grain's tanks also contained some supply from Russia's new Yamal export plant.
Global Ship Lease Eyes Acquisitions
The London-based Global Ship Lease (GSL) said that it is well-positioned as one of few publicly listed containership leasing companies to acquire attractive portfolios of ships, attract growth capital or find a complementary merger partner. The containership charter owner has engaged Evercore to act as financial advisor to assist in reviewing strategic alternatives focused on maximizing shareholder value. GSL has successfully refinanced of all of the its indebtedness in October 2017 and with a strengthening market backdrop.
Baltic Index Drops to 5-month Low on Sinking Capesize Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell nearly 5 percent on Wednesday to its lowest in over five months due to tumbling capesize rates. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, slid 57 points, or 4.7 percent, to close at 1,164 points, the lowest since Aug. 14. The capesize index fell 267 points, or 13.28 percent to 1,743 points, its lowest level since Aug. 9 last year.
Capesize Rates Pull Baltic Index to 4-month Low
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, hit a more than four-month low on Tuesday, as capesize rates dropped to their lowest since August last year. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, lost 43 points, or 3.4 percent, to 1,221 points, the lowest since Sept. The capesize index fell 221 points, or 9.91 percent, to 2,010 points, its lowest level since Aug. 10 last year.