Shipping Losses Lowest This Century as New Dangers Emerge
The Allianz Global Corporate & Specialty AGCS) Safety & Shipping Review 2019 provides a unique and in-depth look at the emerging risks facing international shipping stakeholders.Large shipping losses are now at their lowest level this century having declined by over 50% year-on-year, according to Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2019. The annual study analyzes reported shipping losses over 100 gross tons (GT). AGCS provides global marine and shipping insurance for all types of marine risk…
Shipping Losses Declines by 65%
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…
Shipping Losses Continue to Fall
Large shipping losses have declined by 38 percent overall in the past decade, according to the Safety & Shipping Review 2018 by Allianz Global Corporate & Specialty (AGCS).Further, the number of total losses declined by 4 percent to 94 last year, the second lowest number in a decade.“Insurance claims have been relatively benign, reflecting improved ship design and the positive effects of risk management policy and safety regulation over time,” says Baptiste Ossena, Global Product Leader Hull & Marine Liabilities…
Tech File: Fuel Monitoring Matters
Whether you choose distillates, liquefied natural gas (LNG) or scrubbers to meet the new International Maritime Organization (IMO) fuel regulations in 2020, it will be ever more critical to regularly monitor the condition of vital equipment to ensure there is no adverse affect on operational efficiency. Industry opinion ahead of the implementation of the 2020 global sulphur cap remains fragmented to say the least. With only a relatively short timeframe remaining before ship owners will be facing the reality of compliance…
Shipping’s ‘Perfect Storm’ is Brewing -Allianz
Large shipping losses have declined by 50 percent over the past decade, mostly driven by the development of a more robust safety environment by ship owners, according to Allianz Global Corporate & Specialty SE’s (AGCS) fifth annual Safety & Shipping Review 2017. In 2016 there were 85 total shipping losses reported, down 16 percent from 101 a year earlier. The number of shipping incidents declined slightly year-on-year by 4 percent with 2,611 reported, according to the review, which analyzes reported shipping losses over 100 gross tons.
ITIC Reimburses Marine Surveyor Accused of Negligence
International Transport Intermediaries Club (ITIC) has reimbursed a marine surveyor accused of negligence by the owner of a ferry which sustained significant machinery damage while being towed to a shipyard. The ferry, which operated in North American waters, was due to be towed to a shipyard to undergo a refit. A marine surveyor was engaged by the shipyard to undertake a ‘fit for tow’ survey and to provide a certificate of approval confirming that the towage arrangements between the tug and the ferry were satisfactory. The surveyor completed his survey and issued the certificate of approval. Three days later, however, the ferry took on water during the course of the tow and sustained considerable damage to its main machinery compartment.
IUMI Reports Rising Frequency of Major Casualties
Rising energy claims against a reducing premium base; and the increased cargo accumulation risk onboard vessels and in port continue to challenge marine insurers. Statistics released at the International Union of Marine Insurance (IUMI) Annual Spring meeting in Hamburg last week raise a series of issues that will continue to challenge marine underwriters for the foreseeable future. The frequency of major vessel casualties rose again in 2016 for the second consecutive year. They had enjoyed a year-on-year decline until 2015 when they recorded a sharp upturn which was continued in 2016.
K Line Expands Use of ClassNK CMAX LC-A
“K” Line Ship Management (Singapore) Pte Ltd has selected ClassNK Consulting Service’s machinery condition monitoring and automatic diagnostic system ClassNK CMAXS LC-A for use on one of its container vessels, marking the first commercial application of the software. “K” Line Ship Management (Singapore) Pte Ltd selected ClassNK CMAXS LC-A after a successful trial installation in 2014 delivered proven fuel and lubricating oil savings of 200 tons/year. The trial was carried out as part of a joint research project in collaboration with ClassNK and Diesel United Ltd. ClassNK CMAXS LC-A uses innovative diagnosis algorithms to analyze multiple sensor data in the engine room and detect any early signs of machinery damage.
Faulkner Joins Braemar SA as Manager
Braemar (incorporating The Salvage Association) has appointed David Faulkner as ‘Manager, Ports and Harbours (Middle East)’. David is a Master Mariner and pilot and will be based in the Braemar SA Abu Dhabi office. He has extensive experience in providing specialist port consultancy services on aspects such as vessel manoeuvring, navigation, VTS (vessel traffic service) and marine risk, as well as providing expert opinion services to the insurance and legal markets on navigation, unsafe berth and unsafe port cases.
LOC Group Announces Two Appointments
Global marine engineering consultancy LOC Group (London Offshore Consultants) announced appointments in two new positions; John Quarrington has joined the company in London as Group Marine Warranty Surveying Manager and Mark McGurran has been appointed to the Singapore office in the role of Asia Regional Hull & Machinery Coordinator. John Quarrington is based in London where he will be supporting the Group Energy Services Director (Alex Harrison) with the continued development of LOC’s global marine warranty surveying activities across its 33 offices. A master mariner by background, John has worked for large engineering consultancies and oil companies around the world taking the lead on a range of oil and gas projects.
No Let Up in Navigational Claims Reports
According to The Swedish Club, half of the costs of hull and machinery claims handled by the Club have arisen due to navigational claims such as collisions, contacts or groundings - a figure that has remained steady over recent years despite improved technology and the widespread implementation of Safety Management Systems. The Swedish Club, in its latest Loss Prevention publication, Navigational Claims, has revealed a number of interesting findings relating to claims made for hull and machinery damage between 2004–2013.
Panama Canal Expansion Poses Billion Dollar Challenge
As the Panama Canal prepares to celebrate its 100th anniversary, insurers are warning of the increased risks that will arise from its plan to double the cargo-carrying capacity of ships transiting one of the world’s most important waterways. In a new report entitled Panama Canal 100: Shipping Safety and Future Risks leading marine insurer, Allianz Global Corporate & Specialty (AGCS) identifies that the value of insured goods transiting the canal zone may increase by more than $1 billion per day following completion of the Third Set of Locks Project…
Braemar SA Opens Office in Panama
Braemar (incorporating The Salvage Association), a multi-disciplinary Marine Surveying and Technical Consultancy, has announced that it has set up a new office in Panama. “Panama has always been a strategically important location, and of course the expansion of the Panama Canal is set to change world trade patterns and open up the area to new markets,” said Richard Gayton, Regional Director, Americas. “Panama serves as a hub airport for multiple south and Central American destinations.
Finding the Ideal Biodegradable Marine Lubricant
In December 2013, the EPA through its Vessel General Permit (VGP) will introduce the mandatory use of “Environmentally Acceptable Lubricants” or EALs. These products include the lubricating oils that are directly used in applications referred to as “oil to sea interfaces” where the only thing holding the oil from entering the water is a simple seal or gasket. Understanding what this all means to you is important. Bio-degradability rating of 60% or more in 28 days (the minimum criteria to also be classified as “readily biodegradable”).
Strike Club Weighs in on Port Strikes
The news this week that a longshoremen’s strike had effectively stopped cargo operations at the port of Baltimore, a major hub for foreign car imports into the U.S., underlines a new warning by The Strike Club. Strikes by stevedores continue to dominate the list of perils causing delays, reports the mutual insurer after a recent analysis of its claims files. In the 2012-2013 policy year, they accounted for 16.8%, followed by collision (14.4%), closure of port or sealane (13.6%), and strikes by port workers (also 13.6%). Total net claims for the year were $16.8m, with mutual claims accounting for $12.0m net. A somewhat similar picture emerges from a review of the five-year period 2008-2013: closure of port or sealane (17.2%)…
Strike Club Results Reflect Growing Labor Unrest
The early months of 2013 have been marked by damaging labor strike action in several countries which has punished shipowners and charterers even though they are innocent parties, says The Strike Club, the market leader for delay insurance for the marine trades. Some of the worst trouble spots in recent weeks have been in South America, particularly Chile where a three-week strike crippled the country’s key ports, blocking exports of copper (Chile is the world’s largest producer of this metal), fruit and wood products. Chile’s business leaders estimated the country lost more than $200 million a day due to the conflict. There has been a miners’ strike in Colombia…
Strong Demand for Strike Club's Protective Covers
General Increases of 10% and 5% are Maintained for 2013/14 Mutual Entries. The Strike Club, the market leader in the niche area of delay insurance for the marine trades, reports continuing strong demand for its mutual and fixed-premium covers. Shipowners and charterers are boosting the club’s mutual entries as shipping operations are stamped by uncertainty resulting from the widening economic crisis and growing civil unrest, such as the protests by millions against government austerity measures seen in some of Europe’s largest countries last week. All this is fomenting industrial action which can and often does disrupt the maritime supply chain. Bill Milligan, chairman and chief executive of S.C.
GL Noble Denton Expands MCI Practice
GL Noble Denton Launches Marine Casualty Investigation Operations in Seattle. GL Noble Denton has expanded its Marine Casualty Investigation (MCI) practice in North America by launching operations in Seattle, a primary hub for marine insurance. The new base will allow the company's team of experienced surveyors to meet the growing demand for marine casualty investigations off the West Coast of the US and Canada. Activity in the cruise and offshore energy industries is rapidly developing in the region and GL Noble Denton's local presence will allow them to respond quickly to meet client needs.
GL Noble Denton Appoints Head of Marine Casualty Investigation
Mr John Walker has been appointed as head of GL Noble Denton's growing Marine Casualty Investigation practice for the Americas region. Based in the New York office, John leads a team of expert marine engineers, master mariners and naval architects. His team play a key role in determining the cause and extent of machinery damage, fires, collisions, groundings, salvage operations and other marine incidents. John brings nineteen years of professional experience in vessel engineering, project management and marine accident investigation to his role.
Braemar Appoints New Director
Braemar Technical Services (Incorporating The Salvage Association) announced the appointment of Graeme Temple to the role of Regional Director for its Far East region. Graeme will take responsibility for strengthening the company’s surveyor network in this important region and further developing relationships with the London and International Insurance markets as well as the local Singapore and other Far East Insurance markets. The focus in this region is on Braemar’s traditional…
Lloyd's Register Launches Machinery Damage and Repair Workshops
Lloyd’s Register is offering Machinery Damage and Repair workshops to support marine superintendents and engineering personnel. Mechanical breakdowns are a serious problem for ship owners, and having competent engineers on board can quite literally mean the difference between success and failure for a shipping company. The new workshops are unique to Lloyd’s Register and give even the most experienced engineers the opportunity to analyse and resolve some the most common mechanical problems found in the merchant marine environment. “The workshops are an innovative way to present real-life engineering problems with a variety of solutions in a controlled but time-pressured environment," said Steve Robson, Lloyd’s Register’s Senior Technical Training Specialist.