Marine Link
Tuesday, September 25, 2018

Insurance News

Annual Singapore Maritime Dialogue on Building a Future

SMS Dr Lam with the MaritimeONE scholars at Singapore Maritime Dialogue 2018. Photo: Maritime and Port Authority of Singapore

A record 400 tertiary students attended  annual Singapore Maritime Dialogue (SMD), organised by the Maritime and Port Authority of Singapore (MPA).This is the first time MPA has teamed up with students from the National University of Singapore to engage and encourage their peers to participate in the SMD.Centred on the theme “Building a Future-Ready Maritime Singapore”, the panel comprising Guest-of-Honour, Senior Minister of State for Ministry of Transport and Health, Dr Lam Pin Min…

China Shifts to Iranian Tankers to Keep Oil Flowing Amid US Sanctions

© keller / adobe Stock

Chinese buyers of Iranian oil are starting to shift their cargoes to vessels owned by National Iranian Tanker Co (NITC) for nearly all of their imports to keep supply flowing amid the re-imposition of economic sanctions by the United States.The shift demonstrates that China, Iran's biggest oil customer, wants to keep buying Iranian crude despite the sanctions, which were put back after the United States withdrew in May from a 2015 agreement to halt Iran's nuclear program.The United…

Iran Floats Surplus Oil as Demand Falls Ahead of US Sanctions

© Kees Smits / MarineTraffic.com

Two tankers carrying Iranian condensate, a type of ultra-light oil, have been floating off the United Arab Emirates for about a month as demand for the oil fell ahead of U.S. sanctions.The tankers, carrying about 2.4 million barrels of South Pars condensate combined, have been floating off the UAE since August after South Korea halted imports from Iran while China's demand dropped during summer, according to several industry sources and shipping data.The build-up in Iranian oil…

Norwegian Marine Tech: In the Driver’s Seat

Earlier this summer Maritime Reporter & Engineering News ventured to Ålesund/Sunnmøre area of western Norway visiting local manufacturers and suppliers serving the global maritime industry and featuring a series of business and technology presentations by leading sector companies including Inmarsat, VARD Group, Ulstein Group, Brunvoll, Ulmatec, Jets, ABB Marine & Ports, Fostech AS and Rolls-Royce Marine. Tom Mulligan reports on new business developments and technology innovations…

Apples and Oranges When it Comes to Vessel Finance

A careful and thorough vessel survey underway (CREDIT: DLS)

Companies, lenders, and their auditors worldwide need vessel appraisals that can be relied upon when put into legal documents. As the offshore energy support markets awaken, this is more important now, than ever.While a great deal of shipping finance is done at a 10,000' level, with bond deals and equity swaps, the value of the assets found on ground level are still very important. There are taxation issues, insured value, public reporting, and allocation of purchase price, where the value of individual vessels is important.

Imperial Logistics Encourages Digital Collaboration

Image: Imperial Logistics International B.V. & Co. KG

Imperial Logistics is joining a new industrial initiative as one of its founding members. The consortium is called +D (plusdecentral) and aims to build a cross-company transaction protocol bringing automation and new business models to the Supply Chain.With this new decentralised infrastructure, it will be possible to digitize and automatically manage tasks such as transport contracts, insurance policies, tracking consignments, editing documents, settling damage claims and payment…

North P&I Club Strengthens Greek Presence

Gagan Dhillon. Photo: North P&I Club

Global marine insurer North P&I Club said that Gagan Dhillon will take over Michael Asherson’s responsibilities for the Greek Membership and lead the claims team based in Newcastle.Gagan, a Master Mariner, first sailed in command of a tanker in 2007 before joining North in 2010 and gaining a First Class (Honours) degree in law.Michael Asherson will take up a position as partner with leading South African law firm Shepstone and Wylie in Durban and will leave the Club at the end of August.After 18 years with the Club…

Aqualis Offshore, Skuld Maritime Agency Under Investigation in Scrapping Case

Photo: NGO Shipbreaking Platform

Aqualis Offshore and Norwegian Insurer Skuld Maritime Agency are under investigation for their involvement in the attempt to illegally export the Harrier to Pakistan for scrapping.NGO Shipbreaking Platform, quoting DN said that Aqualis Offshore issued two certificates for the ship – one for a break-up voyage to Pakistan, another for a voyage to Oman – and it is suspected that the latter was issued to dupe Norwegian authorities in order to circumvent the European waste export ban.Skuld…

ASA Names First Honorary Maritime Academy Member

Rebecca Garcia-Malone, ASA Education Committee Chair, presents Dr. Richard J. Burke, ABS Professor of Naval Architecture & Engineering, SUNY Maritime College, with an official invitation to join the ASA as the very first honorary maritime faculty member representative, July 20, 2018 at SUNY Maritime College. (Photo: ASA)

On July 20, 2018, The American Salvage Association (ASA) welcomed Dr. Richard J. Burke, of SUNY Maritime College as the Association’s very first honorary maritime academy faculty member representative. This initiative is designed to broaden the knowledge about the marine salvage and emergency response industry, and the academic community’s access to it.The ASA’s Education Committee was established in March 2011 to further promote general maritime industry interest with a focus on marine salvage and emergency response…

Maritime Ports Pushed to Up Cyber Security

© Bits and Splits/AdobeStock

Resilience planning, Info Sharing Take Spotlight“Oh what a tangled web we weave, when first we practice to deceive.” That old chestnut gets turned on its head when it comes to port cyber security. It’s more like “Oh what a tangled web we’ve woven, so much harder to stop data stolen.”Ports today have the physical aspect of security pretty well nailed shut - gates, locks, fencing, alarms, cameras, drones, etc. As Chris Mason, Rajant Corp.’s director of sales for EMEA, notes, “Every…

Maritime Industry's Slow Boat to Cyber Security

© vectorfusionart/AdobeStock

Ports making up for lost timeDespite the critical role the maritime transportation system plays in the economic health of the United States, and despite its fairly recent embrace of all things automated – cranes, vehicles, surveillance and even vessels – the sector has been slow to warm to the need to protect its digital systems and assets.Post 9/11, security concerns about the nation’s borders, air space and infrastructure, including ports, moved front and center for a brief moment before other concerns…

Olmsted: Online & Open

A USACE rendering of the Olmsted lock area infrastructure (Credit: US GAO)

After more than 30 years of frustratingly slow progress, cost overruns and more than a few mistakes, Olmsted is finally poised for success. That’s something to celebrate.It is official: The U.S. Army Corp of Engineers (USACE) wants Olmsted operational by October. After more than 30 years, the ribbon cutting to officially open the Olmsted Locks and Dam took place on August 30. The very old (1929) upstream locks and dams – Nos. 52 and 53, which Olmsted is replacing – will be dismantled by December 2020. Before that happens, Olmsted’s performance will be tested and confirmed.

Container Shipping Bankruptcy Lends Insight on Potential Fallout from Trade War

© MAGNIFIER / Adobe Stock

Global trade tensions have captured headlines in recent months, as the imposition of a series of tariffs and counter-tariffs by various global trade counterparts has raised questions about the possibility of a trade war. Such development could potentially have an impact on global trade flows, and, consequently, the companies which facilitate international movement of goods.Though the situation is still developing and the final impact is uncertain, Gregory Draco, the Chief U.S. Economist at Oxford, predicted in July that the tariffs would create an 0.1 percent to 0.2 percent drag on U.S. GDP.

American P&I Club Manager Prepares for Further Growth

Dorothea Ioannou (Photo: The American Club)

Shipowners Claims Bureau, Inc. (SCB), the Manager of the American P&I Club, has recently announced a series of appointments designed to service the Club’s growing membership and help fulfil longer-term goals of continued expansion. The American Club has grown its membership substantially over recent years, tonnage having increased by some 25 percent over the past 24 months, and these appointments are intended to consolidate the Club’s continuing service capabilities in the future.The…

ECDIS & Maritime Accident Investigation

Radar Chart Overlay approaching Gibraltar Bay. Image: LOC

It’s not where you are, it’s where you should not be that mattersCaptain Whyte, a leading marine accident analyst at LOC Group, an independent marine and engineering consultancy which provides services to the shipping and offshore energy industries, explains how electronic data is making accident investigation clearer by providing irrefutable evidence.“Fundamentally, situational awareness underpins everything we do”, said Captain Whyte. “Whether that’s crossing the road or driving ships at sea. We need to know where we are, what we’re doing and where we are going.

Sunken Barge Raised from Gulf of Mexico Seafloor

(Photo: Resolve Marine Group)

A sunken derrick barge has been raised from the Gulf of Mexico seafloor following several months of planning, engineering, on-site preparations and the heaviest salvage lift ever accomplished in the Americas, said marine services and wreck removal specialists Resolve Salvage and Fire Americas.The 350 ft x 100 ft derrick barge DB1 sank 30 miles offshore in the Gulf of Mexico on October 22, 2017, when adverse weather caused it to drag anchors and contact the offshore platform that the DB1 was engaged in removing.

Hong Kong Grants Licence to Steamship Mutual

Image: Steamship Mutual

Protection and indemnity club Steamship Mutual P&I Club has been given a licence in Hong Kong by Hong Kong Insurance Authority , its third in the Far East after Singapore and Tokyo."Hong Kong Insurance Authority has formally authorised the Club to establish a Branch in Hong Kong from 17 August 2018," said a press statement.Steamship Mutual is the first P&I Club to gain authorisation from the independent statutory authority, which commenced operation in 2017.The Club has maintained a presence in Hong Kong for almost 30 years…

Naval Dome Call on Insurers to Revoke Clause CL 380

Itai Sela  (Photo: Naval Dome)

Naval Dome has called on marine insurers to revoke the controversial Clause CL 380 and implement policies that insure against the risk of cyber-attacks on ship systems.Speaking in Cape Town, South Africa, today during the International Union of Marine Insurance’s (IUMI) annual conference, Naval Dome CEO Itai Sela said that with the maritime industry increasingly moving towards connected, cloud-based technologies and autonomous operation, a 15-year-old Clause that excludes damage to computer systems…

IUMI Appoints Richard Turner as President

Richard Turner. Photo: IUMI

Richard Turner, European Director of Global Risk Solutions at RSA Insurance Group has been elected President of the International Union of Marine Insurance (IUMI).In accordance with the Articles of Association, IUMI’s Council formally elected Richard at their annual meeting which was held today, the final day of the IUMI annual conference in Cape Town. Richard, who has been closely associated with the global marine insurance market for 35 years, will serve a four-year term as…

IUMI: Cautious Optimism for Offshore Underwriters in 2018

James McDonald. Photo:  International Union of Marine Insurance

Although global premiums for the offshore energy insurance sector dipped by 5% in 2017, signs of recovery are on the horizon."We need to apply some caution as the margins between supply and demand are thin but these small margins can create volatility in the market," pointed out International Union of Marine Insurance (IUMI)'s Offshore Energy Committee Chairman, James McDonald.Oil prices have steadily risen by 40% since last year’s IUMI conference and this is starting to drive activity in the oil and gas sector.

Golden Ocean Group Appoint Two New Board Members

Image: GOGL

Norway based dry bulk shipping company Golden Ocean Group Limited IGOGL) has announced that Ulrika Laurin and James O'Shaughnessy have been elected as new board members.Ulrika Laurin has been the Executive Chairman of ship-owning company Anglo-Atlantic Steamship Co. Ltd. and the Chairman of Laurin Shipping AB, an international ship-management company.She has served as the CFO of Anglo-Atlantic Steamship Co. Ltd. and as Commercial Manager of Laurin Maritime (UK) Ltd. Prior to that, she worked with fund manager Tufton Oceanic Ltd. and with management consultant Karlöf & Partners.

Braemar Shipping Services Adds New LNGC 'LNG Schneeweisschen'

LNG Schneeweisschen' Photo: ©Luksa Karaman, Marinetraffic.com

Braemar Shipping Services announced the successful delivery of the 180,000m3 Liquid Natural Gas Carrier (LNGC) called “LNG Schneeweisschen” from Daewoo Shipbuilding & Marine Engineering (DSME), South Korea, as part of the ongoing LNGC newbuilding project between Uniper Global Commodities SE (Uniper) and Braemar.The international provider of broking, financial, consultancy, technical and logistics services to the shipping, marine, energy, offshore and insurance industries said that the vessel has been built for Japan based owners…

Maersk Sends First Containership through the Arctic

The Venta Maersk loads containers in Vladivostok, Russia ahead of its Arctic voyage (© Sergei Skriabin / MarineTraffic.com)

A Maersk vessel loaded with Russian fish and South Korean electronics will next week become the first containership to navigate an Arctic sea route that Russia hopes will become a new shipping highway.The Arctic voyage by the 3,600 20-foot container capacity Venta Maersk is the latest step in the expansion of the so-called Northern Sea Route which is becoming more accessible to ships as climate change reduces the amount of sea ice.The brand new Venta Maersk, one of the world's largest ice-class vessels…

Maritime Reporter Magazine Cover Sep 2018 - Maritime Port & Ship Security

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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