Insurance News

14 Jun 2019

Ship Insurance Costs Soar After Tanker Attacks

© Nightman1965/ Adobe Stock

Insurance costs for ships sailing through the Middle East have increased by at least 10% after attacks on two tankers in the Gulf of Oman on Thursday, with the potential for costs to rise further as regional tensions escalate, ship insurers said.The attacks have already stoked concerns about reduced flows of crude oil on one of the world's key shipping routes, pushing up oil prices by as much as 4.5%.Some tanker companies have already suspended new bookings to the Middle East…

14 Jun 2019

Oil Prices Jump 2% After Tanker Attacks

(Photo: Islamic Republic News Agency)

Oil prices settled 2.2% higher on Thursday after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes.The attacks near Iran and the Strait of Hormuz reignited worries about an impact to flows from the Middle East if insurance companies begin to reduce coverage for voyages through the region and additional shipping companies suspend new bookings, analysts said.Such a disruption "could further exacerbate the supply problem…

13 Jun 2019

Cyber Risk Management: What Maritime Professionals Need to Know Now

© pickup/Adobe Stock

The IMO January 2021 deadline for shipping interests to incorporate cyber risk management into their existing Safety Management Systems is fast approaching. It is critical that stakeholders understand their vulnerabilities. The IMO has issued MSC-FAL.1/Circ.3 guidelines on maritime cyber risk management that does a good job of outlining the many vulnerable systems within marine operations, including:1.Bridge systems;2. Cargo handling and management systems;3.Propulsion and machinery management and power control systems;4.

12 Jun 2019

Cox Powertrain Wins Innovation Award

Photo: Cox Powertrain

Cox Powertrain, maker of the world’s first 300 hp diesel outboard, was announced as the winner of the Marine Power and Propulsion category at the annual Seawork International Innovation Awards for its CXO300.The awards are sponsored by A-Plan Insurance.

07 Jun 2019

SAFETY: Distractions Can Sink Careers

Randy O’Neill, Senior Vice President with Lancer Insurance Company

Familiarity can and does breed contempt. You don’t need anything else added to that heavy burden.We live and work in a frenetic environment replete with a wide range of both human and technological distractions. When those two elements came together on the bridge of a towboat traveling downriver to pick up a load of empty barges, the result was career-changing for the vessel’s first mate, who was on the wheel. It was yet another costly reminder of the need for professional mariners…

07 Jun 2019

Crew and Owners of 293 Vessels Honored

Gurinder Singh, ABS Director of Global Sustainability, congratulates winners of the AMVER Awards at the U.S. Ambassador’s Residence in Oslo. Photo: ABS

ABS, the global provider of classification and technical advisory services to the marine and offshore industries, said that it has continued its long-standing backing of the Amver Awards by sponsoring a ceremony recognizing the contribution of Norwegian shipping to the unique reporting system supporting search and rescue efforts for those in distress at sea.Hosted at the U.S. Ambassador’s Residence in Oslo, the ceremony saw 293 vessels from 33 Norwegian shipowners and operators honored for their commitment to maritime safety…

05 Jun 2019

Shipping Losses Declines by 65%

Image: Allianz Global Corporate & Specialty (AGCS)

The international shipping industry is responsible for around 90% of world trade. There are around 60,000 merchant ships, transporting every kind of cargo.The world fleet is registered in over 150 nations, and manned by over a million seafarers, meaning the safety of vessels is critical. The maritime industry saw the number of total shipping losses of vessels over 100GT plummet during 2018 to 46 – the lowest total this century. To put this into context there were 207 total losses…

03 Jun 2019

OSM Maritime Launches OSM ON

Logo: OSM

Ship management company OSM Maritime has launched a portfolio of ‘industry first services’ with the introduction of OSM ON. The new product will be offered to a customer base that not only includes owners, but also insurance companies, financial institutions and brokers. It utilizes the company’s recently opened Maritime Operations Center in Singapore – which digitally connects all vessels under OSM management, and all activities with real-time visibility and transparency – to provide 24/7 response and risk management support services.

31 May 2019

Japan Oil Industry Braces for Higher Middle East P&I Costs

Image CREDIT: AdobeStock / © Jose Gill

The costs of buying crude oil from the Middle East could rise as war insurance for ships travelling in the region will be expanded to include vessels travelling off the United Arab Emirates and Oman, the head of Japan Petroleum Association said on Friday.Japan is the world's fourth-largest oil importer and imports 90% of its crude from the Middle East, government data showed.Asian shippers and refiners had put ships heading to the Middle East on alert and were expecting a possible rise in marine insurance premiums following attacks on Saudi oil tankers and pipeline facilities earlier in May.Ta

30 May 2019

Greek Shipping Leaders Address Key Challenges

Photo:  Christopher J. Wiernicki, ABS Chairman, President (on the right) and CEO and Peter Livanos, Chairman of GasLog Ltd. and the ABS Hellenic National Committee Chairman (on the left)

Leaders of the Greek Shipping Industry met to discuss decarbonization, capitalizing on data and digital technologies and vessel automation at the annual ABS Hellenic National Committee meeting.“We have deep relationships across the Greek shipping industry, which reflects our extensive investment in serving the needs of ship owners and operators here. Not only is our office in Piraeus the largest ABS office in Europe, but it is home to our Global Ships  Systems Center and an extensive team of experts on call 24 hours a day to assist with whatever challenges they face,” said Christopher J.

24 May 2019

VTAS All Set to Go

Image: Fuel Efficient Shipping

The Vessel Technology Assessment System Project (VTAS Project) has finished its development stage and is set to go live.The UK-based design, engineering and risk management consultancy firm BMT, in collaboration with Black & Veatch, created VTAS for the Energy Technologies Institute (ETI) in the UK. Watson Farley & Williams (WFW) is the advisor of the project.The VTAS Project ran from 1 January 2018 to 31 March 2019 and brought together the combined maritime and engineering consultancy…

17 May 2019

London P&I clubs Widen Middle East Threat Zone

A typical fleet oiler in support of U.S. Naval operations (CREDIT: USN)

London's marine insurance market has extended the list of waters deemed high risk to include Oman, the United Arab Emirates and the Gulf after ship attacks off Fujairah, officials said on Friday, in a move that could push up premiums.The London insurance market's Joint War Committee said in a statement that the additions cover areas of perceived enhanced risk for marine insurers and reflected enhanced regional risk."The situation will be kept under close review," said the Joint War Committee…

17 May 2019

London Marine Insurers Widen Middle East Threat Zone After Ship Attacks

London's marine insurance market has extended the list of waters deemed as high risk to include Oman, the United Arab Emirates and the Gulf after ship attacks off Fujairah, officials said on Friday.The London insurance market's Joint War Committee issued a statement saying that the additions detail areas of perceived enhanced risk for marine insurers and reflect the enhanced regional risk.Its guidance is watched closely and influences underwriters' considerations over insurance premiums. (Reporting by Jonathan Saul Editing by David Goodman)

14 May 2019

Risk Management on the Inland Waterways Evolves

Joe Hughes, Chairman & Chief Executive Officer of The American Club

The subchapter M towboat rules, safety management systems, and an emerging culture shift on the inland waterways brings with it a fresh look at how to manage risk. Is it time for P&I clubs to return to brown water? And should inland operators welcome them home?A mass exodus from the inland marine sector by P&I clubs in the mid-1990’s was precipitated by many things. Today, these very same vessels have been put under the subchapter M regime, and most are adapting SMS as a culture in the process.

13 May 2019

Navios Maritime Orders VLCC Newbuilding

Pic: Navios Maritime Acquisition Corporation

Navios Maritime Acquisition Corporation said that it has  exercised its option for a third VLCC newbuilding under a bareboat operating lease with an expected delivery in the third quarter of 2021.Navios Acquisition has agreed to the main terms of a 12-year bareboat charter-in agreement with de-escalating purchase options for one newbuild Japanese VLCC.The bareboat charter-in agreement reflects an implied price of approximately $84.5 million and an annual effective interest of approximately 6% fixed for the duration of the agreement.On March 25, 2019, Navios Acquisition sold the C.

10 May 2019

IMO 2020: Total Lubmarine 'Road Show' in NYC

Robert Joore Managing Director Total Lubmarine. Photo: Greg Trauthwein

On Thursday, May 9, 2019, Total Lubmarine brought its "Total Global Sulfur Cap Forum" to New York City, a meeting including of Total Lubmarine business and technical executives and shipowners.The event, held aboard the historic Aircraft Carrier Intrepid Museum, gathered a full-house of local shipowners, and New York was the sixth stop on an 11 city world 'road show' of the forum to deliver insight on the soon-to-be-implemented fuel rules from the International Maritime Organization (IMO)…

01 May 2019

Cancelled Ferry Contracts Renew Push for Grayling's Resignation

File Image: A P&O Ferry / Credit P&O

Britain's transport minister was under fresh pressure to resign after the government stacked up a 50 million pound ($65 million) loss for cancelling contracts to charter extra ferries to bring in essential supplies in the event of a no-deal Brexit.The decision to award the contracts has been a major political embarrassment after it emerged the government handed out a 14 million pound contract for extra ferries to a company that owned no ferries and published terms and conditions on its website that appeared to be for a takeaway food business.Then…

26 Apr 2019

Maritime Autonomy: The Reality

Real world support on the bridge of one of the world’s most advanced cable layers still requires the personal touch from time to time.  ABB Marine Service is able to tap into remote data in order to prepare accurately in terms of appropriate skill sets needed onboard as well anticipating necessary parts & tools. Photo: ABB

While merriam-webster.com is succinct in its definition of ‘autonomous’, ask 10 people in the maritime sector what ‘autonomous’ vessel means to them and the responses vary widely. Achieving autonomous, unmanned operations is not high, today, on the agenda of many (if any) shipowners. What does command their attention? Building ships that are increasingly ‘smart,’ with integrated, connected systems that take on additional decision-making processes while helping to reduce crew size (and cost)…

26 Apr 2019

IUMI Concerned about Global Marine Underwriting

Pic: International Union of Marine Insurance (IUMI)

The increased risk of large, more complex and costly claims has the potential to impact all marine underwriting sectors in 2019, said the International Union of Marine Insurance (IUMI).Although the global fleet continued to grow at around 3% in 2018, the number of total losses (vessels over 500GT) stood at a 20-year low. Only 21 total losses were recorded last year and this is on the back of a general downward trend witnessed since 2010. The reduction was seen across all vessel classes.Serious casualties (excluding total losses) have stabilised over the past three years but are still higher…

23 Apr 2019

'Sea the World' Reveal At Huizenga Center

Engine Room Wall (Photo: Advanced Mechanical Enterprises)

South Florida’s marine industry is a $12 billion/year economic engine that provides the region with 142,000 careers and jobs. With an aging workforce and a unique skill set, the maritime community is facing a workforce that’s aging out with skilled labor being very hard to find. To assist, Advanced Mechanical Enterprises/AMESOLUTIONS.COM, and 23 marine industry companies have joined forces with Junior Achievement of South Florida.On May 1, 2019, Junior Achievement of South Florida will unveil the Marine Industry Storefront…

18 Apr 2019

Autonomous Ship Tech: Opportunity & Risk

There have been numerous articles and opinion pieces speaking of the potential application areas of maritime autonomous technology, the elimination of “human error”, and the resulting safer operations that will supposedly be realized. The question of whether autonomous ships will offer safer solutions than crewed ships remains to be answered, and will not be resolved today. However, there is an important issue regarding levels of autonomy in vessel operations that needs to be addressed.Many vessel operators feel that this technology will not impact their particular operating environment, and therefore there is no reason for them to worry about it. But the reality is that all vessel operators should stay abreast of developments in the arena of autonomous vessel operations.

15 Apr 2019

ITC Faces Added Costs for March Fire & Spill

File Image:  An aerial view of the Houston Refining complex and ship channel / CREDIT: AdobeStock / © Irina K

The costs of a massive fire and chemical spill at a Houston petrochemical facility have begun trickling out, with a local official on Monday estimating emergency response costs at $800,000 for the first two weeks of the disaster alone.A blaze at Mitsui & Co Ltd's Intercontinental Terminals Co (ITC) petrochemical facility in Deer Park, Texas, last month released cancer-causing chemicals into the air and waterway that connects Houston to the Gulf of Mexico, disrupting shipping along the nation's busiest oil port.County employees devoted 16…

01 Apr 2019

$70bln Offshore Wind Opportunity to US Supply Chain

Image: University of Delaware

America's burgeoning offshore wind industry, which is projected to generate nearly 20 gigawatts (GW) of clean, cost-competitive power in seven East Coast states by 2030, presents a nearly $70 billion CAPEX revenue opportunity to businesses in the U.S. offshore wind supply chain.The Special Initiative on Offshore Wind (SIOW), in conjunction with the Renewables Consulting Group (RCG) has announced the publication of a new report detailing the opportunities businesses in the U.S.

Maritime Reporter Magazine Cover Jun 2019 - 80th Anniversary World Yearbook

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