Mike Salthouse News

U.S. penalties on shippers transporting Russian oil in breach of the G7's price cap could push more Russian cargoes onto vessels referred to as the ghost fleet and away from mainstream tankers, shipping sources and analysts told Reuters.The cap bans Western companies from providing maritime services for Russian seaborne oil exports sold above $60 a barrel.It was designed to keep oil flowing to markets while reducing Russia's energy earnings that it can use to finance its war on Ukraine…

Russian crude oil producers are enjoying the cheapest costs to ship to refiners in China and India in almost a year thanks to a growing number of vessels plying the routes, according to trading and shipping sources.The arrival of new shippers working outside the purview of Western governments allows Russian firms to earn more than the $60 per barrel cap that the U.S. and its allies had aimed to impose on Russia through sanctions. It also means that enforcing the price cap will have a limited impact on Russian revenues.On Thursday, the U.S. imposed the first sanctions on owners of tankers carrying Russian oil above the cap, one based in Turkey and one in the United Arab Emirates…

Russia's lack of ships and Western grain traders' shrinking appetite for business with Moscow are adding to rising costs of moving Russian wheat, at a time when the war in Ukraine has spilled perilously close to vital Black Sea supply routes.President Vladimir Putin promised to replace Ukrainian grain with Russian shipments to Africa after Moscow in July ended an arrangement that gave Ukraine's food cargo safe passage in the Black Sea, imposing a de-facto blockade on its neighbour and attacking storage facilities…

A rise in spot prices for Russian crude oil to above the $60 per barrel cap imposed by western powers has made ship insurers even more nervous of running foul of the rules as they are unable to independently track the value of cargoes, executives said.To curb Moscow's oil revenues following the Ukraine war, the Group of Seven Nations, the European Union and Australia imposed price caps on Russian crude and oil products from December and February, respectively.So long as the prices do not exceed capped levels…

Oil-laden tankers risk being left languishing at sea if insurers do not urgently get clarity on an unfinished G7 and European Union plan to cap the price of Russian crude, two senior industry executives told Reuters.The Group of Seven (G7), which includes the United States, Britain, Germany and France, agreed in September to enforce a low price on sales of Russian oil.U.S. officials said the move, which is due to start on December 5, was aimed at allowing it to continue to flow…

Western ship insurers are terminating cover for Russia's leading shipping company Sovcomflot as multiple sanctions start to bite, companies involved say, adding to the growing challenges for the state-owned company and Moscow's efforts to export oil and gas.Russia's maritime sector is seeing the wind down of multiple services, including ship certification by leading foreign providers - vital for accessing ports and securing insurance - shipping companies pulling out and ship engine…

Several companies that certify vessels are seaworthy and ship insurers have withdrawn services to tankers involved in the Venezuelan oil trade as the United States targets the maritime industry to tighten sanctions on the Latin American country.U.S. sanctions have driven Venezuela’s oil exports to their lowest levels in nearly 80 years, starving President Nicolas Maduro’s socialist government of its main source of revenue and leaving authorities short of cash for essential imports such as food and medicine.The sanctions are part of U.S.

Ship owners and insurers say it may be impossible for the maritime industry to fully comply with the Trump administration’s new guidelines on how to avoid sanctions penalties related to Iran, North Korea and Syria, raising the risk of disruptions in a sector already struggling with the fallout of the coronavirus outbreak.The advisory issued this month marked the first U.S. sanctions guidance for the global maritime sector, and will test Washington’s ability to clamp down on violations without disrupting an industry that handles 90% of the world’s trade.The final version of the U.S.

Somewhere on its journey from the waters off Iran, around Africa's southern tip and into the Mediterranean, the Grace 1 oil tanker lost the flag under which it sailed and ceased to be registered to Panama. Iran later claimed it as its own.The ship carrying 2 million barrels of Iranian crude was seized by British Royal Marines off Gibraltar, raising tensions in the Gulf where Iran detained a UK-flagged ship in retaliation.Grace 1 remains impounded, not because of its flag but because it was suspected of taking oil to Syria in breach of EU sanctions, an allegation that Iran denies.Yet Panama's move on May 29 to strike it from its register…

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…

Ship insurers have stepped in to help plug a shortfall in cover for transporting Iranian oil resulting from the fact that U.S. reinsurers are still restrained by Washington's sanctions, according to officials involved in the initiative. International oil and shipping companies have been eager to boost business with Iran since international sanctions related to its nuclear programme were lifted in January, but securing proper insurance cover has been among the stumbling blocks in recent weeks. The insurers' move will benefit Iran as it seeks to further ramp up production and exports.

Foreign oil tanker owners are expected to make a slow return to Iran despite the lifting of many sanctions as insurers tread carefully, leaving shipping players unwilling to pick up cargoes as quickly as Tehran has wanted. A nuclear deal between world powers - known as the P5+1 - and Iran led to the removal on Saturday of international oil export prohibitions as well as restrictions on banking, insurance and shipping for Tehran. With U.S. sanctions still in place, which exclude U.S. persons, banks and insurers from trading with Iran including dollar business, shipping and marine insurance sources say many foreign companies are likely to take their time. They are also mindful of sanctions being reimposed in a "snap back" if Iran reneges on commitments.

Titan Salvage, now a part of Ardent following completion of the merger of Titan and Svitzer Salvage, has completed the removal of the wreck of the cape-size MV Smart coal carrier in South Africa, an especially challenging project due to weather conditions that prevail on the South African coast, particularly during the winter period. The removal of the vessel, which was entered in North P&I Club by owner Alpha Marine, has been accomplished on time and on budget due collaboration with the South African Maritime Safety Authority (SAMSA), Titan and North.

The ‘A’ rated, 150 million GT North of England P&I club has published a third edition of its popular loss-prevention guide ‘Bunker Claims Prevention’, which aims to help shipowners avoid potentially large losses arising from loading unsuitable or insufficient marine fuel oil. The new edition reflects recent changes to international marine fuel specifications introduced in ISO 8217:2010. Head of loss prevention Tony Baker says, ‘The guide tackles bunker quality and quantity issues…

The rapidly changing environment of the liquefied natural gas (LNG) market is leading to a whole new game of risk for P&I clubs, according to the ‘A’ rated, 75 million GT North of England P&I club. Salthouse says ownership of the world’s rapidly growing fleet of LNG vessels has diversified significantly recently to meet the anticipated global growth in gas use, and the new players are planning to operate the ships quite differently. ‘The LNG industry used to revolve around capital-intensive projects, with shipping playing a relatively minor part ‒ all that the vessels were required to do was go backwards and forward between two set terminals for which they had been specifically designed and built,’ he says.

Tony Allen has taken over the management of the North of England P&I club's successful Greek office. He replaces Mike Salthouse, who set up the office three years ago and has now returned to the club's headquarters in Newcastle upon Tyne, England as a Greek area director. Allen (42) started work in the Greek office last year. He formerly worked in Piraeus on P&I and FD&D matters with international maritime law firm Norton Rose before moving to the North of England in 1998, becoming involved with a wide range of P&I issues including container operations, cargo claims and oil pollution matters. He originally trained in the insurance and marine law litigation department of London law firm Simmons and Simmons.

Shipowners were warned in Greece on December 15 that the increasing financial transparency of P&I clubs was no guarantee of their future financial performance. The warning from the 45 million GT North of England P&I club was given at the Piraeus Marine Club's prestigious annual P&I seminar. North of England director Mike Salthouse, formerly head of the club's Piraeus office, told delegates: 'It has never been easier to monitor a P&I club's financial performance. He said sophisticated regulatory controls, the International Group's comprehensive disclosure requirements and the constant probing by ratings agencies and brokers meant it was very difficult for a P&I club to mislead its members or the industry, either inadvertently or intentionally.

Two experienced managers of the North of England P&I club, Richard Bracken and Mike Salthouse, have written a guide for shipowners ensuring that the world's merchant ships set off the proper type and amount of marine fuel oil onboard. Titled, Bunker Claims Prevention - A Guide To Good Practice, the 86-page book aims to assist ship's officers, operators and managers understand the glitches that can occur in the bunkering process, as well as the steps, which should be taken in the event of a possible dispute.

The 39 million GT North of England P&I club is boosting its successful Greek office with two new appointments. Tony Allen and Helen Yiacoumis, both maritime lawyers with previous experience of working in Piraeus, are joining the office set up two years ago by Mike Salthouse and John Owen to serve the club’s substantial Greek membership. Allen and his Greek-speaking wife, Gordana, returned to Greece this month after four years in England. He formerly worked in Piraeus on P&I and FD&D matters with international maritime law firm Norton Rose before moving to the North of England’s head office in Newcastle-upon-Tyne in 1998, becoming involved with a wide range of P&I issues including container operations, cargo claims and oil pollution matters.