Marine Link
Tuesday, December 18, 2018

Insurance News

A Costly Lapse in Judgment

File Image (CREDIT Petty Officer 2nd Class Anthony L. Soto)

An allision in the maritime sector is defined as an accident in which a moving object strikes a stationary object (bridge fender, bridge deck, dock, dredging vessel, etc.). According to the Maritime Law Association (MLA) such an accident calls the “Oregon Rule” into play. Simply put, the Oregon Rule states that “…when a moving object hits a stationary object, the moving object is presumed at fault. The moving vessel thus has the burden of proving an alternate theory of causation…

Maersk Intros Cargo Insurance Alternative

Pic: The Maersk Group

Maersk Line is expanding its commercial offering with the introduction of an extended liability solution, Value Protect, which will act as a substitute to regular cargo insurance, in protecting customers’ cargo."Maersk is expanding its commercial offering and introduces Value Protect, an extended liability solution. It offers customers an alternative to cargo insurance, increasing their chance of receiving full compensation in case of cargo damage in transit," said a press note from the Danish international container shipping company.Valid while the cargo is in the care and custody of Maersk…

2018 Green Apple Spill Exercise

Committed to providing tugboat and towing vessel operators with a platform to meet regularity requirements and collaborate with local resources, the annual event also reminds us that Proper Planning Prevents Poor Performance.On September 28 2018, American Marine Associates, LLC (AMA) coordinated and hosted the 3rd annual Green Apple Spill Response Exercise in Bayonne, NJ. The Green Apple Spill Response exercise was established specifically for the tugboat and towing vessel industry operating in New York Harbor.

IMO Addresses Wreck Removal Challenges

Pic: International Maritime Organization (IMO)

A ship wreck can be a hazard to navigation. Other vessels and their crews can potentially be endangered, and, depending on the nature of the cargo and remaining fuel on board, a wreck may also cause damage to marine environments and other coastal interests. Then there is the issue of costs and risks involved in marking and removing hazardous wrecks.To help resolve these issues, International Maritime Organization (IMO)'s Nairobi Wreck Removal Convention, covers the legal basis for States to remove…

Swedish Club Maintains Zero Per Cent General Increase

Lars Rhodin, Managing Director. Photo: The Swedish Club

The mutual marine insurance company Sveriges Angfartygs Assurans Forening (The Swedish Club) has announced a zero per cent general increase for the forthcoming P&I year for the fourth year in succession.The decision was made by the Club’s board in consideration of the general market view that premiums are not in proportion with expected claims outcome.Lars Rhodin, Managing Director of The Swedish Club says: “In a number of shipping sectors the market remains weak and we have a commitment to support members at this crucial point.“At the same time…

MOL Signs Pact for Asia’s 1st Gas-to-Power Project FSRU

Map: Mitsui O.S.K. Lines (MOL)

Mitsui O.S.K. Lines (MOL) has announced that the company has signed deals for construction of a floating storage and regasification unit (FSRU), FSRU services, and financing for the Jawa 1 Gas-Fired Project, through PT Jawa Satu Regas (JSR), a joint company of PT Pertamina (Persero), Marubeni Corporation, and Sojitz Corporation etc.MOL is entrusted with FSRU construction supervision, maintenance, and operation services.In this project, PT Jawa Satu Power(JSP), jointly established by Pertamina…

Danish Maritime Authority Calls for Renewal of Shipping Documents

Pic: Danish Maritime Authority

Time has come to apply for renewal of CLC, Bunker, Athens and Wreck Removal Certificates from the Danish Maritime Authority (DMA). The certificates must be renewed once a year when the underlying insurance expires.According to DMA, ships that are required to hold a certificate must not operate without valid certificates.Many certificates expire on 20 February 2019.These are typically  CLC, Bunker, Athens and Wreck Removal Certificates based on P&I insurance.Some CLC, Bunker, Athens and WRC Certificates expire on dates other than 20 February 2019.

Ship Operating Costs Rise for Second Successive Year: Drewry

Graph: Drewry Shipping Consultants Limited

As the cost inflation is set to accelerate on higher insurance premiums, average vessel operating costs rose modestly for the second year in succession following two years of marked declines, according to the latest report published by global shipping consultancy Drewry.The report titled 'Ship Operating Costs Annual Review and Forecast 2018/19' said that typical ship operating costs accelerated moderately in 2018 as the uncertain recovery in freight markets across most cargo sectors gained momentum.Opex costs are heavily linked to developments in the wider shipping market as some costs…

Hong Kong Kicks-off Maritime Week 2018

Image: Govt of Hong Kong

The "Hong Kong Maritime Week 2018" (HKMW 2018), a major annual event of the maritime and port industries in Hong Kong, unveiled on Saturday (November 18) with the "Hong Kong orienteering race.According to a government press release, the  third edition of Hong Kong's Maritime Week oragnised by the Hong Kong Maritime and Port Board (HKMPB) with co-organisers, the Hong Kong Shipowners Association and the Hong Kong Maritime Museum, runs from 18 to 24 November and features over 50 events comprising both industry and outreach.Officiating at the opening ceremony of the HKMW 2018…

Work‘bots’: Autonomous Vessels Arrive

Metal Shark: Metal Shark join forces with L3 ASV Global to introduce “Sharktech” 
Autonomous Vessels.

The near-shore and inland workboat fleet is at the leading edge for autonomous vessel developmentWhile the advent of autonomous workboats are not exactly mainstream, you better believe that in the not-too-distant future they will be a reality on waterways in and around the U.S. Today there remain more questions than answers, particularly on the legal, logistics and insurance side of the coin. But the technology is evolving at record pace, providing many in the industry with mixed emotions. Excitement. Controversy. Curiosity. Skepticism.

Iranian Military Ready to Protect Oil Tankers

File Image: AdobsStock / © Jose Gill

Iran's armed forces will protect Iranian oil tankers against any threats, an Iranian military official said on Monday after the United States called the ships a "floating liability" and warned ports operators not to allow them to dock.The United States resumed sanctions on Iran's oil, shipping and banking industries last Monday after U.S. President Donald Trump pulled out of a 2015 international agreement curbing Iran's nuclear programme in May."Iran's armed forces...are prepared…

Ferry Safety and Technology Conference set for February in Bangkok

A depiction of last year's contest winner (CREDIT: WFSA)

The 5th Annual Ferry Safety and Technology conference will be held in Bangkok Thailand on February 20‐22, 2019. The conference is designed to showcase the best practical technologies to improve safety particularly‐ but not solely, for the developing world.The conference is co‐hosted by the Worldwide Ferry Safety Association (WFSA) and the famed Chao Phraya River Boat Co. The conference features good news on multiple fronts: new high‐quality ferry systems; new development of inland waterways making them safe for ferries in India and Bangladesh (in a presentation by the World Bank)…

Preventing Maritime Vessel Explosions – The Role of the Marine Chemist

Image: Used with permission, National Fire Protection Association

With advances in technology, increased regulatory requirements for training, and an industry that has been committed to improving working conditions, especially those associated with confined space entry and fire prevention, why are we still seeing maritime related fires and explosions that often include serious injury or loss of life? HistoryFollowing the First World War, as cargo vessels, particularly tank ships, were being converted to carry larger cargos, the incident rate of fires and explosions during shipbuilding, repair, and conversion began to rise.

Bahri Targets Acquisitions in Asia, Middle East

Abdullah Aldubaikhi (Photo: Bahri)

Saudi Arabia's Bahri is targeting acquisitions in Asia and the Middle East as the exclusive oil shipper for state energy giant Saudi Aramco seeks to expand its reach, the chief executive said on Wednesday.Bahri is the world's largest owner and operator of very large crude carriers (VLCCs). Saudi sovereign wealth fund the Public Investment Fund (PIF) owns 22 percent of the company and Aramco has a 20 percent stake."We are looking at multiple acquisitions in the Middle East and Asia worth tens of millions of dollars…

Bouchard Names Fieldman as Risk Manager

Rick Fieldman, Bouchard Transportation's Risk Manager (Image: credit Bouchard)

Bouchard Transportation has announced that Mr. Rick Fieldman has joined the Company as Risk Manager.As Risk Manager, Rick will oversee the day to day handling of all marine insurance matters, while also assisting management with the renewal process for marine insurance coverage. In addition, Rick will be responsible for the day to day handling of all marine insurance claims matters, as well as assisting management with any incidents that may arise.Rick Fieldman has over forty years of experience in the marine insurance field…

US Maritime NOT Prepared for Cyber Attacks: Survey

Pic: IMO

Almost 80% of large U.S. maritime industry companies surveyed reported that cyberattackers targeted their companies within the past year, according to a new maritime cybersecurity survey.The inaugural Maritime Cybersecurity Survey from New Orleans-based Jones Walker LLP said that rapidly evolving technologies deployed throughout the U.S. maritime industry to increase efficiencies and competitiveness present significant cybersecurity risks, which the industry is unprepared to shoulder.38% of all industry respondents reported that cyber attackers targeted their companies within the past year.

Moore Stephens: Ship Operating Costs to Rise in 2018, 2019

Richard Greiner, Moore Stephens partner, Shipping and Transport

International accountant and shipping consultant Moore Stephens says total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.Responses to the firm’s latest annual Future Operating Costs Survey revealed that drydocking is the cost category likely to increase most significantly in both 2018 and 2019, accompanied in the latter case by repairs and maintenance. The cost of drydocking is expected to increase by 2.1% in 2018 and by 2.3% in 2019…

Shell Joins the Global Wind Energy Council

Pic: Global Wind Energy Council

British-Dutch oil and gas company Shell has joined the Global Wind Energy Council as a board level member as part of its 'new energies strategy' that includes expansion of wind business.Ben Backwell, CEO of the Global Wind Energy Council, says: “We are delighted to have Shell join GWEC’s board. Shell’s experience across energy markets in many geographies and deep knowledge of technology development and engineering will bring a valuable new perspective to our work in accelerating the growth of the wind industry across the world.”Dorine Bosman…

UK Shipping Tech to be Worth USD 16.5 bln by 2030

Pic: Public Group International Ltd

UK shipping technology sector will grow to become a GBP 12.8 billion (USD 16.5 bln ) market by 2030 from the current level of  GBP 3.7 billion, revealed a study.A new report commissioned by UK venture fund and think-tank PUBLIC estimated the growth will be fuelled largely by digitalisation of the industry, with technologies such as big data, blockchain, and artificial intelligence creating a new market for digitally enabled maritime services.For the purposes of this report,  shipping…

The Standard Club Withdraws from Underwriting at Lloyd's

The world’s fourth largest P&I club announced Thursday that it is withdrawing from underwriting at Lloyd’s from 2019.The Standard Club had established a syndicate in 2015 to underwrite marine and energy risks. It represented one strand of the club’s broadly-based strategy to provide its members with a wider range of insurance covers to meet their needs and diversify the club’s source of revenues.The club said it in press release that remains committed to these strategic aims but it has concluded that current overcapacity and a weak pricing environment have made Lloyd’s a challenging environment for it to develop a profitable underwriting business with sufficient scale.The club is exploring alternative approaches to provide its members with additional insurance covers…

ABS China Looks Ahead to 2030

Photo: ABS

The annual ABS Joint China and Hong Kong Committee gathered Industry leaders to discuss global challenges facing the maritime sector. The group heard strategies to meet the IMO 2020 Sulfur Cap, as well as a look ahead to 2030, when vessel data will play a significant role in compliance management.“ABS has become the classification organization of choice for the Chinese shipbuilding and shipping industry, with a long track-record of working closely together on innovative projects in both marine and offshore.

Standard Club and Strike Club to Merge

Pic: The Standard Club

The London-based marine insurers the Strike Club and the Standard Club have announced plans for the Strike Club to join the Standard Club group.According to a press statement Strike Club will continue as a member-controlled dedicated mutual delay insurer, operating as class of Standard Club and supervised by existing board.Both mutual insurers are managed by companies within the Charles Taylor group.The Standard Club will create a new Strike class in each of the Standard companies, into which The Strike Club business would transfer.

Interview: Jeong-kie Lee, Chairman, Korean Register & IACS

Jeong-kie Lee, Chairman and CEO, Korean Register

This month we caught up with Jeong-kie Lee, Chairman and CEO of the Korean Register and also the Chairman of the International Association of Classification Societies (IACS), for his insights on the dominant trends moving the maritime industry into the future.The maritime industry has been challenged, to say the least. Today, where do you see challenge? Where do you see opportunity?The maritime industry is in a state of extreme upheaval, with private and public organizations having to deal with a wide range of ever changing…

Maritime Reporter Magazine Cover Dec 2018 - Great Ships of 2018

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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