Skuld News

BIMCO’s Director of Contracts & Support, Stinne Taiger Ivø, has been appointed Deputy Secretary General at BIMCO from January 1, 2024.Ivø joined BIMCO in early 2022 to lead the Contracts & Support department. Prior to working at BIMCO, Ivø headed the claims department of marine insurer Skuld (Copenhagen), worked at Danish Shipping (formerly known as the Danish Shipowners’ Association) and as a lawyer at Gorrissen Federspiel’s department for Shipping/Offshore/Transportation. She holds a PhD in international company law and a Master of Laws…

The number of stern tube-related damage claims has increased considerably over the last few years, and this is causing marine insurer Gard some concern.In the past, damage to a stern tube was often considered a relatively straightforward casualty by surveyors. The cause was often obvious – contact with a floating object such as ice, fishing nets or ropes, for example.These causes still exist, but the significant increase in frequency over the past years, without any apparent explanation…

London’s marine insurance market added Sudan to its of areas deemed high risk this week amid further fighting in the conflict-ridden African country, according to an advisory note.The addition of Sudan to the high risk list will mean that any ships sailing into the country will need to pay an additional war risk premium and also seek approval from their insurer.Advisory notes from the Joint War Committee, which comprises syndicate members from the Lloyd’s Market Association and representatives from the London insurance company market…

The Maritime and Port Authority of Singapore, which oversees the world's biggest marine refuelling hub, said it is investigating the suspected contamination of bunker fuel supplied to several ships in the port and had ordered supply of the batch to be halted.At least 14 ships that received tainted high-sulphur fuel oil (HSFO) from Singapore suffered loss of power and engine problems, Veritas Petroleum Services (VPS) said late last week."We detected contamination in 34 fuel samples and we are aware of 14 vessels that have suffered damages.

Russia's top shipping company Sovcomflot (SCF), already struggling to find berths to discharge cargoes, is facing fresh pressure after the UK on Thursday joined countries that have slapped sanctions on it, with implications for insurance and certification.With a modern fleet of ships, state-run SCF is a key transporter of Russian oil and liquefied natural gas but also carried cargoes previously from other countries such as the United States.Since Moscow's invasion of Ukraine on Feb.

State-owned Bangladesh Shipping Corp is seeking $22.4 million from its insurer for a cargo ship hit by a missile in March, government officials with knowledge of the talks said, in the first major marine insurance claim from the conflict in Ukraine.The UN's shipping agency said last week it would create a safe maritime corridor for merchant ships and crews stuck in the Black Sea and Sea of Azov, although shipping industry sources expect progress to be slow. Projectiles have hit four other vessels in recent days with one sunk.Insurance premiums have soared by over 100% for voyages to the region since the war started. Insurers are watching…

Tanker owners’ group International Tanker Owners Pollution Federation (ITOPF) selected Erik Hanell President & CEO of Stena Bulk, as its new Chairman.After eight years, former Euronav chief executive Paddy Rodgers has stepped down as ITOPF chairman.Rodgers noted that he had thoroughly enjoyed his tenure on the board and had valued the opportunity to contribute to ITOPF’s strategic direction and to the work of its highly regarded international team.The board voted unanimously to appoint Erik Hånell as its new Chairman, said a press release.Erik has served on ITOPF’s board for the last 7 years and is also on the board of Skuld P&I Club.ITOPF’s Managing Director…

The Danish company Bawat A/S, specializing in the treatment of ballast water aboard ships and in ports, has just finalized the provision of capital equal to more than $2.94m from new and existing shareholders.The new shareholders include Selfinvest Family Office as a key stakeholder, and previous TORM CEO and current SKULD chairman Klaus Kjærulff. Former Sondex owner Åge Søndergaard of SonFlow A/S joins the new shareholders. Their engagement represents considerable support of…

Classification society DNV GL DNV GL informed that it will update its shaft alignment design rules to differentiate between Environmentally Acceptable Lubricants (EALs) and mineral oils in stern tubes.The update, will apply from 1 July 2019, and is based on the phase 1 findings from the joint development project (JDP) DNV GL has been operating along with the Swedish Club, Norwegian Hull Club, Gard and Skuld.The JDP was prompted by an upsurge in stern tube bearing failures that coincided with the increased uptake of EALs after the introduction of regulations requiring their use in commercial vessels trading in U.S. waters in late 2013.In phase 1 the JDP has focused on mapping out differences in the load carrying capacity between EALs and mineral oils.

The Norwegian Petroleum Directorate (NPD) has granted consent to Equinor for the extension of production on Norne FPSO with associated facilities for the Norne, Urd and Skuld fields in the Norwegian Sea.Lifetime extension granted for FPSO is for four years to March 2026, as the operator eyes additional 132m barrels from Norwegian Sea field.In its application for extension, operator Equinor has described an improved drainage strategy for the Norne field and the nearby Urd and Skuld fields.The Norne, Urd, Skuld, Alve and Marulk fields are tied in to the Norne ship. The authorities approved an amended Plan for Development and Operation…

London based P&I club Britannia said it has finalized plans to open its Greek office in Piraeus as part of an ongoing expansion of the club’s regional hub network.The Greek office will be headed by David Harley who recently returned to the London office having established and worked for over five years as head of Britannia, Hong Kong. Harley will be assisted by newly appointed Konstantinos Samaritis, who joins from a Greek shipowner, having previously worked for both Standard and Skuld Clubs’ Greek operations.

Aqualis Offshore and Norwegian Insurer Skuld Maritime Agency are under investigation for their involvement in the attempt to illegally export the Harrier to Pakistan for scrapping.NGO Shipbreaking Platform, quoting DN said that Aqualis Offshore issued two certificates for the ship – one for a break-up voyage to Pakistan, another for a voyage to Oman – and it is suspected that the latter was issued to dupe Norwegian authorities in order to circumvent the European waste export ban.Skuld Maritime Agency was involved in issuing the last-voyage insurance for the vessel and is therefore being investigated for having aided the illegal export.The former and current owners of the ship…

Norway-based  international marine insurance company Skuld announced a positive bottom line result of USD 58 million (USD 51 million in 2016 before members' credit) for its 2017 financial year ending 20 February 2018, as well as a total combined ratio of 97%. Gross earned premium in 2017 amounted to USD 413 million. For a record 15th consecutive year Skuld has reported a positive underwriting result. Added to that was a strong 7% return on investments. With this positive result Skuld will for the third consecutive year propose to the AGM a members' premium credit to all mutual members and launch its members' performance bonus. This bonus…

It is neither controversial nor new to say that co-assureds under a joint insurance policy cannot claim against each other in respect of a co-insured loss. It is taken to be an implied term and the possibility of financial claims between co-assureds is irrelevant: the insurer will pay. If there are only two, an owner and a charterer, in the contractual chain, and if the charterer is held liable, then the matter goes no further: the insurer covers the loss and there is no recourse claim to be pursued. However, what happens if there is a guilty third party and the insurer wants to pursue a subrogated claim (against, say, a sub-charterer on materially back to back terms) to recover its financial outlay?

Classification society DNV GL has launched a new joint development project (JDP) in cooperation with marine insurers The Swedish Club, Norwegian Hull Club, Gard and Skuld to test the potential influence of Environmentally Acceptable Lubricants (EALs) on failures in stern tube bearings. DNV GL will oversee detailed laboratory testing of EALs by Leonardo Testing Services Ltd. at the University of Sheffield (UoS), UK. The JDP has been prompted by an increase in stern tube bearing failures over the last few years.

The reluctance of foreign banks to deal with Iran could complicate any compensation payments resulting from the collision last week of an Iranian oil tanker and a Chinese cargo ship, sources say. The tanker Sanchi, carrying 136,000 tonnes of highly flammable condensate oil, collided with the Chinese dry cargo vessel CF Crystal on Saturday in the East China Sea, causing an oil spill and a blaze that is still raging four days later. Liability has yet to be established but lawyers…

A tanker carrying Iranian oil and run by the country's top oil shipping firm was ablaze and spewing cargo into the East China Sea on Sunday after colliding with a Chinese freight ship, leaving the tanker's 32 crew members missing, the Chinese government said.Thick clouds of dark smoke could be seen billowing out of the Sanchi tanker  engulfing the vessel as rescue efforts were hampered by bad weather and fire on and around the ship, Mohammad Rastad, head of Iran's Ports and Maritime Organization, told Iranian television.The Sanchi, run by the country's top oil shipping operator, collided with the CF Crystal about 160 nautical miles off the coast near Shanghai and the mouth of the Yangtze River Delta on Saturday evening…

Marine insurer Skuld ended the first nine months of the 2017/18 reporting year (as at 20 November) with a positive bottom-line result of USD 27 million (up 68.7%, from USD 16 million year-on-year) with the contingency reserve standing at a record high of USD 421 million (up 15.6%, from USD 364 million year-on-year). Ståle Hansen, Skuld president and CEO, said: "The first nine months have been challenging for some of our members who have experienced major losses. The number of small claims is low, but after nine months Skuld has experienced a few large claims and one confirmed pool claim. Hurricanes Irma and Harvey also had an impact on Skuld's loss estimates although the effect has been limited compared with other insurers in the market.

Skuld announced a positive bottom-line result of USD 8 million for the six months ending 20 August 2017, compared with USD 29 million at the half year in 2016. The period has been marked by a small number of substantial claims. However, the cost of these claims has been partly offset by the positive contribution from commercial operations which continue to produce a surplus. The technical result at the half year shows a negative outcome of USD 22 million and an overall combined ratio of 111%. Ståle Hansen, Skuld president and CEO, said: "Skuld's diversification strategy continues to benefit members by reducing volatility, as Skuld's commercial activities provided a combined ratio of 94%.

Skuld Singapore  has reminded all members that Singapore has ratified the Wreck Removal Convention (WRC) which entered into force in Singapore on 8 September 2017. "As members will be aware, the WRC requires among other matters owners of ships over 300 GT to have in place insurance to cover the costs of wreck removal. Skuld, like all the clubs within the International Group, has appropriate wreck removal cover available to their members," said a statement from the international mutual marine insurance company. Owners of ships that call at ports of States which have already ratified the WRC and which mandate production of an insurance certificate (the "Blue Card") as a port entry requirement…

Skuld has announces a total combined ratio of 98%, as well as a positive bottom line result of USD 51 million (USD 18 million in 2015 before members' credit) for its 2016 financial year ending 20 February 2017. Gross earned premium in 2016 amounted to USD 403 million. For the 14th consecutive year Skuld has reported a positive underwriting result. Added to that was a strong 3.4% return on investments, particularly on the equity portfolio towards the end of the policy year. Ståle Hansen, Skuld president and CEO said: "As we celebrate our 120th anniversary, we are pleased to announce another strong Skuld result. Moreover, we have over the year demonstrated our casualty response service and our core competence in servicing members and clients in difficult situations.

Marine insurance provider Skuld announces the appointment of Paul Knighton as global head of marine cargo and marine property. He will join Skuld Syndicate 1897 in the summer. Knighton will enhance Skuld’s well-established marine cargo and marine property portfolio by building its offering to clients. He will focus predominantly on developing a total solution product for ports, terminals and freight logistics operators. Knighton will join Skuld from the TT Club where he has been a senior underwriter since 2012. Prior to working at the TT Club, Knighton has held roles at Craven and Partners, Aon and Lockton. Ståle Hansen, Skuld president and CEO, said: ‘I am delighted to have attracted an underwriter of Paul’s calibre.

Norwegian marine insurer Skuld delivered a result of USD 20 million in the first nine months of the year, a USD 5 million increase from the same period last year. Overcapacity is still putting pressure on premium levels, says CEO. Skuld president and CEO Ståle Hansen said: "After nine months the bottom-line ended at USD 20 million, which includes provision for a mutual members' credit of USD 5 million. This is a USD 11 million improvement since the six months figures and a USD 15 million improvement compared with the same period last year. "Skuld's chosen path of diversification is bearing dividends and we are seeing a positive contribution from the commercial lines of business and a positive run-off on older claims years.