Insurance News

15 Mar 2019

Sub M is here, now what?

Captain Pat Folan outlines the way forward, especially for the smaller towboat firms. It’s not rocket science, but it does involve common sense. July 20, 2018 came and went, and we are all still here – mostly. The reality of Sub M has begun to sink in and for some it signals the end of a business and career. The AWO RCP members, oil movers and early adopters are going to make it. But for some of the ‘Mom & Pops,’ this is looking like a bridge too far.And some of this group are the ones that needed to be weeded out.

13 Mar 2019

Iran's Oil Tanker Fleet Being Squeezed as Sanctions Bite

© alexyz3d / Adobe Stock

Iran is running short of options to replace its ageing fleet of tankers and keep oil exports flowing because renewed U.S. sanctions are making potential sellers and flag registries wary of doing business with Tehran, Western and Iranian sources said.Since U.S. President Donald Trump reimposed sanctions in November, exploratory talks with South Korea for up to 10 new supertankers have stalled and Panama has also removed at least 21 Iranian tankers from its registry forcing Tehran to put the vessels under its own flag…

06 Mar 2019

Stepping Up Transparency on Ship Recycling

Image:  Ship Recycling Transparency Initiative

The first report of the Ship Recycling Transparency Initiative (SRTI)  clearly indicates that there is a growing movement stepping up the pressure on shipowners to disclose their approaches to ship recycling.Since the SRTI online platform went live just over two months ago eight large shipowners – operating a combined total of more than 1,800 vessels – have voluntarily shared data on their company’s ship recycling policies and practice.All disclosing shipowners have a written policy on ship recycling for their own vessels covering issues related to the environment…

04 Mar 2019

Peter Döhle Sells Hammonia Reederei

Pic: Hammonia Reederei

Hamburg-based provider of shipping services Peter Döhle and Ernst Russ are selling ship management company Hammonia Reederei  to  Scandinavian investors, Ness Risan and Partners (NRP), a Norwegian investment fund and former owners of Containerships Group, Finland.With the transaction, Ernst Russ follows its strategy and further focuses on activities in asset investment and asset management in shipping and real estate, said a release from Ernst Russ AG, a listed asset and investment management company in Germany with a focus on maritime business.Prospectively…

01 Mar 2019

Insuring the Marine Industry’s Risky Work Environment

File Image / CREDIT: AdobeStock / © Currahee Shutter

From high-traffic ports to bustling boatyards, and busy shipyards to expanding marinas, marine professionals operate in a challenging environment. They work on land, on or around water, and are exposed to all kinds of weather. And the challenges won’t ease up any time soon. Our nation’s ports continue to expand as trade surges. Add in increased commercial vessel traffic and recreational boating, and it’s clear that marine businesses have to be in shipshape condition. It means that the marine insurance industry has to stay on its toes too…

25 Feb 2019

BW LPG Moves to Gas Trading Too

Pic: BW LPG

Singapore-based owner of gas carriers BW LPG has established a product services division in an effort to support its core shipping business.The  Product Services division is part of BW LPG’s ambition to propose a low-risk and fully-integrated product delivery service to customers.The owner and operator of LPG vessels will purchase LPG and offer it delivered on the basis of cost, insurance and freight, directly to the end user.Through this new division, BW LPG aims to maximise utilisation of its vessels by providing full LPG delivery service…

14 Feb 2019

European Marine Insurance Firms Join Forces

Image: Cambiaso Risso Marine S.p.A.

Italian worldwide leading broker for marine insurance Cambiaso Risso Group has signed a strategic partnership agreement with French insurance broker Siaci Saint Honore to foster a strong positioning in their markets.The deal will be subject to approval by the competition authorities in some of the 42 countries in which the two companies are active and will come into effect in the second quarter. It will give birth to the world’s top three marine insurance broker in the world,…

24 Jan 2019

UK Launches Maritime 2050 Strategy

Pic: Dept of Transport, UK

Britain’s marine industry launched of Maritime 2050, the UK Government’s first ever long-term strategy to support and grow the sector.Described as both visionary and aspirational, Maritime 2050 highlights the Government’s recognition of the importance of maritime – worth over GBP40bn to the UK economy, more than aerospace or car manufacturing – and focuses on the desire to cement the UK’s place as the world's leading maritime nation into the second half of the 21st century.Maritime 2050 is published at a time when the UK faces intense competition from maritime nations in the Far East…

23 Jan 2019

Singapore Solidifies Maritime Hub Status

Dr Lam Pin Min. File Photo: Maritime and Port Authority of Singapore

Singapore has introduced two initiatives for the maritime industry - the Singapore War Risks Insurance Conditions (SWRIC) and the development of an inter-operability framework for electronic trade documents for the maritime and trade industries, which will strengthen Singapore’s standing as a leading global maritime hub.According to Dr Lam Pin Min, Senior Minister of State for Transport, the SWRIC is an enhancement to the Singapore War Risks Mutual (SWRM), Singapore’s first national…

23 Jan 2019

New Jersey Opens Offshore Wind Tax Credit Program

Image: Orsted

The New Jersey Economic Development Authority (NJEDA) announced that companies making a capital investment in offshore wind-related facilities in New Jersey can now apply for tax credits through the state’s Offshore Wind Tax Credit Program.According to NJEDA, the Offshore Wind Tax Credit is a financial tool designed to spur private capital investment and employment growth in major land-based projects related to offshore wind. It provides reimbursement for eligible capital investments…

22 Jan 2019

Russia Assents to Passenger Compensation Treaty

Pic: International Maritime Organization

The Russian Federation has acceded to the International Maritime Organization (IMO)  treaty dealing with compulsory insurance covering passengers on ships.According to IMO, Yury Melenas, Permanent Representative of the Russian Federation to IMO, met IMO Secretary-General Kitack Lim to deposit the instrument of accession (16 January).The 2002 Athens Convention relating to the Carriage of Passengers and their Luggage by Sea sets the limits of liability for incidents on a ship involving passengers…

21 Jan 2019

Safety Management Systems: A Good fit for Passenger Vessels?

Captain Lee Boone is the Chief of the U.S. Coast Guard’s Office of Investigations & Casualty Analysis

The evidence and industry subject matter experts both say ‘yes.’In its recently released SAFER SEAS DIGEST, Lessons Learned from Marine Accident Investigations (2017), the National Transportation Safety Board (NTSB) reports investigating numerous accidents across all modes of transportation where a properly implemented safety management system (SMS) could have prevented injuries, loss of life, or material damage. That document spans analysis of casualties across the full spectrum of all manners of marine craft…

19 Jan 2019

Bahrain's First LNG Terminal Ready for Business

Bahrain expected to start LNG imports early this year; FSU on 20-year time charter to Bahrain LNG arrives in the GulfBahrain's first liquefied natural gas (LNG) floating unit arrived in the Gulf this week as the country gets ready for its maiden imports of the super-chilled fuel this year, data from Refinitiv Eikon showed.Bahrain Spirit, a floating storage unit (FSU) with a capacity of about 173,000 cubic meters, is currently anchored in Fujairah after docking in the United Arab Emirates region on Jan. 13, the data showed.The FSU is on a 20-year charter to Bahrain LNG, who is the developer of a wider receiving and regasification terminal within the Khalifa bin Salman Port facility…

18 Jan 2019

BREXIT: North P&I Gets OK for Dublin Brexit Hub

Paul Jennings (Photo: North P&I)

British ship insurer North has received regulatory approval from Ireland's central bank for a new subsidiary in Dublin to ensure continued access to trade in the European Union in case Britain loses single market access, the firm said on Friday.North, which has its headquarters in the northern England city of Newcastle, is the first specialist Protection and Indemnity (P&I) club to announce regulatory approval for Brexit trading arrangements in the EU. It said a team of senior…

15 Jan 2019

V.Ships Hamburg Appoints Nils Aden as MD

Pic: V.Group

V.Group has announced the appointment of Nils Aden as Managing Director of V.Ships Germany in Hamburg.The global marine and offshore vessel management and support services provider said in a press release that the announcement reaffirms its commitment to growing in, and leading the transformation of, the German shipmanagement market.Last year, V.Group announced that it would invest in a centre of excellence for container shipmanagement in Hamburg, bringing together the best expertise to deliver the highest quality service for its customers.As the shipmanagement segment consolidates…

08 Jan 2019

Forum Bags Mojave ROV Deal

(Photo: Forum Energy Technologies)

Oilfield products company Forum Energy Technologies said it has sealed a contract to supply a Mojave remotely operated vehicle (ROV) for the Norwegian firm ESEA Marine.Sub-Atlantic Mojave will also be used by ESEA Submarine’s sister company, ESEA Marine AS, which has customers that include fish farms, port authorities and insurance companies, said the international oilfield products company, serving the subsea, drilling, completion and  production sectors of the oil and natural gas industry.In addition…

26 Dec 2018

Captains, Crew Recoup Lost Wages by Arresting Megayacht

Photo by Ken Cage, IRG

Most yacht crew are compensated every payday, via wire transfer or check. But for some yachties, the only way to get paid is the hard way: by filing a lawsuit in federal court and literally arresting the megayacht for back pay owed.While many captains and crew are reluctant to initiate expensive litigation to arrest the boat they’ve served on, pursuing their seaman’s lien is the best route for compensation. If the legitimate amount due is well over $10,000, crew should stand on their rights and act on their valid claim immediately.

20 Dec 2018

Ships: Deciphering the Autonomous Vessel Debate

Rolls-Royce and the European Space Agency (ESA) have signed a ground-breaking cooperation agreement aimed at pursuing space activities in support of autonomous, remote controlled shipping and promoting innovation in European digital logistics.
Image: Courtesy Rolls-Royce Marine.

By Captain Andrew Kinsey, Senior Marine Risk Consultant, Allianz Global Corporate & SpecialtyConfusion reigns in the ongoing debate on autonomous and remotely operated vessels. Before constructive dialogs can take place, the parameters of the discussion need to be agreed upon. Bottom line: in order to understand each other, we need to be speaking the same language.There are two recent publications that I strongly advise all maritime professionals review, as they offer valuable guidance and insight into this rapidly developing segment of the Marine Transportation Industry.

19 Dec 2018

Crowley Promotes Harrison

Parker Harrison was named Crowley Maritime's SVP of procurement and risk management. (Photo: Crowley Maritime)

Crowley Maritime appointed Parker Harrison to its leadership team as senior vice president of procurement and risk management, effective Jan. 1, 2019. Harrison, former VP of procurement, will continue to be based at the company’s headquarters in Jacksonville, and will report to Bill Pennella, vice chairman and executive vice president.In her new role Harrison will work across all of Crowley’s business units to strategically align risk management functions while continuing the company’s procurement transformation into a strategic center-led competency.

18 Dec 2018

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…

17 Dec 2018

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…

12 Dec 2018

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.

11 Dec 2018

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…

Maritime Reporter Magazine Cover Mar 2019 - Cruise Shipping

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