Top Container Shipping Lines Reviewing Iran Operations
The world's top two container shipping groups Maersk Line and MSC are reviewing their Iran operations after the United States withdrawal from the international nuclear agreement with Tehran.The 2015 agreement, worked out by the United States, five other world powers and Iran, lifted sanctions on Tehran in exchange for limits to its nuclear program.U.S. President Donald Trump also instructed his administration to re-impose U.S. sanctions after a winding down period."MSC is reviewing its services…
UK P&I Club Focus on Financial Stability
The UK P&I Club, a leading provider of P&I insurance and other services to the international shipping community, emerges from the renewal to start the new policy year with total mutual owned tonnage of 139 million gt, slightly higher than at the start of the previous policy year. Combined mutual-owned and chartered tonnage now stands at around 239 million gross tonnes. The UK Club understands that many operators are under financial pressure. The Club therefore continues to seek ways of delivering P&I cover at a competitive rate and did not announce a general increase again this year.
Thomas Miller Acquires Brookes Bell
UK-based international provider of insurance services Thomas Miller has acquired international marine consultancy business Brookes Bell for an undisclosed sum. Brookes Bell is a marine technical and surveying consultancy with offices in Liverpool, London, Glasgow, Shanghai, Hong Kong and Singapore. It has served the marine and energy industries since 1903, providing specialist services in areas including emergency response, casualty investigation, salvage and wreck removal operations, scientific cargo expertise, forensic engineering and expert witness services.
MERC to Cease BWMS Type Approval Testing
Maritime Environmental Resource Center will no longer conduct Type Approval Certification testing of ballast water management systems. The Maritime Environment Resource Center (MERC) was established in 2008 by the University of Maryland Center for Environmental Science (UMCES) to facilitate the development and adoption of Green Ship and Green Port innovations with a primary goal of expanding on over twenty years of research addressing the issues of ballast water invasive species.
UK P&I Club: Premium Discount for 2016
The UK P&I Club said it has agreed at its board meeting on November 19 to a mutual premium discount of 3 percent on the total mutual call for the 2015 policy year. In the current shipping environment, the board has decided it is prudent to revise the club’s approach to the general increase. For the 2017 renewal, the club will not be seeking a standardized general increase. Instead, premium will reflect the specific risk a member brings to the club for the coming year. With the overall club underwriting results largely in balance, the 2017 policy year renewal will focus closely on individual member’s underwriting performance, while still being mindful of the difficult shipping markets in which many members operate.
IMCA to Hold Maritime Security Seminar
The International Marine Contractors Association (IMCA) is hosting a Security Seminar in London on Thursday, November 10, which will focus on human factors in modern maritime security. Sponsored by Subsea 7 and Technip, the event is a continuation of IMCA's new series of mini-seminars – niche events tailored to tackle specific topics. “The day-long seminar at the Millennium Gloucester Hotel in South Kensington will provide an invaluable opportunity for all concerned to understand the impact of human factors on security in key areas of the offshore marine contracting industry – both in the oil and gas, and renewable energy sectors,” explained Richard Benzie, IMCA’s Technical Director. “It will cover both the global risk to people, and the internal cyber security threat.
BIMCO Launches New Standard Agreements for Novation of Shipping Contracts
BIMCO has published three standard novation agreements that provide a legal framework to change one of the original parties to a contract. Two of the agreements cover time charter parties; one provides for a change of charterer and the other a change of owner. The third agreement deals with a change of buyer under a shipbuilding contract. Corporate changes such as restructuring, sale of a company or sale of part of a company’s interests may make it necessary to replace an original contracting party. This is achieved by substituting, or “novating” the contract.
UK P&I Club's Good Results in Difficult Times
London, 11 May 2016 – The UK P&I Club (“The UK Club”), one of the leading shipping protection and indemnity mutual insurers, announces its financial results for the year ended 20 February 2016. Alan Olivier, Chairman of the UK P&I Club, comments, “2015 has proved to be another good year for the Club culminating with a very positive renewal. On the financial side, we ended the year with a small surplus despite a loss from our investment portfolio. This positive result in a poor year for the investment markets can be attributed to our disciplined approach to underwriting.
Britannia and UK P&I Clubs in Merger Talks
The boards of the Britannia Club and the UK P&I Club announced today that the two groups are in merger discussions. The boards of the Clubs will now begin a process to determine whether the merger is possible and delivers appropriate benefit to their respective Memberships. Ultimately, the decision on whether to proceed with a merger will be decided by the Members at Special General Meetings to be convened later in the year. The talks are concurrent with discussions between their managers, Thomas Miller and Tindall Riley, both international providers of insurance and professional services, which would also lead to a merger of the respective businesses should the Clubs decide to merge.
UK P&I Club Sets 2.5% General Increase
The UK P&I Club, a provider of protection and indemnity insurance, agreed at its board meeting Monday that the General Increase for the 2016 renewal will be 2.5 percent. In announcing the increase, the UK Club board said it is mindful of the continuing stress in certain sectors of the shipping market and has therefore set the General Increase for 2016 below the level of claims inflation, adding the General Increase reflects the club’s commitment to maintain balanced underwriting and put the club in the best position to meet the challenges of the future. Separately, in recognizing the challenges faced by its members and the club’s capital position, the board has declared a Mutual Premium Discount of 2.5 percent on the total mutual call for the 2014 policy year.
Thomas Miller Awards Robin Travis Scholarship
The UK P&I Club one of the leading shipping protection and indemnity mutual insurers, has awarded Tobias Rennekamp the Robin Travis Scholar for 2015. Tobias will spend three months in the Thomas Miller London office and the offices of selected lawyers, surveyors, insurance brokers and other shipping, transport and insurance businesses. Tobias is currently an Assistant Operations Officer at Liberty One Shipmanagement GmbH & Co KG in Bremen and is actively involved in all aspects of managing its fleet of handy size bulk carriers.
Thomas Miller Acquires Marine Law Firm
Thomas Miller the international insurance, professional and insurance services provider announces the acquisition of the partners and staff of specialist marine law firm, Davies Johnson & Co of Plymouth. The acquisition brings an additional six fee earners to the Thomas Miller Law Ltd (TM Law) team. The firm will operate from Plymouth and London in addition to TM Law’s main office in Newcastle, where it forms part of the Group’s claims handling and risk management consultancy business.
UK Defense Club Reports Strengthened Financial Position
The UK Defence Club, the provider of FD&D (legal costs) insurance to the maritime industry, announced its financial results for the year ending February 20, 2015. According to the club, highlights include 3,700 ships covered, total assets of £56.5 million; combined loss ratio of 94 percent; free reserves £28.4 million; 167 million GRT, increase of five percent in owned tonnage; net claims incurred, including claims provision, increased to £13.1 million from £10.2 million in 2013/14; and 2015 Renewal – zero percent general increase and introduction of continuity credits. UK Defence Club chairman Michael Lykiardopulo said, “I believe that by announcing a zero percent general increase for the 2015/16 policy year…
UK P&I Club: 6.5% General Increase for 2015
The UK P&I Club board has agreed at its meeting on October 27, 2014 that the general increase for the 2015 renewal will be 6.5%. The premium rating increase is in addition to any change in the cost of the international group reinsurance premium for 2015 for the mutual members, which will be determined next January. In setting the general increase, the UK Club board said it is mindful of the balance between the needs of the club’s members and its commitment to maintaining balanced underwriting and sound financial planning. The 2013 year has proved to be one of the most expensive claims years of the last two decades, the club said. Alan Olivier…
UK P&I Club Awards 2014 Scholarship
The UK Club informs that Jan Kohzer has been selected as this year’s Robin Travis Scholar. From 1st September 2014, Jan will spend three months based in Thomas Miller’s London office. The Robin Travis scholarship is a flexible programme tailored to provide a breadth of knowledge and understanding and build on the Scholar’s current commercial experience. Jan currently works in the Claims Department of Oldendorff Carriers, a German shipowner based in Luebeck, where he manages insurance claims, whilst furthering his study of marine insurance and operations.
TT Club Strengthens Middle East Presence
Specialist freight transport insurance provider TT Club said it is reinforcing its presence in Dubai with a move which aims to support the Club’s existing claims team in the UAE and underlines the insurer’s commitment to what is a dynamic region and provides an additional service level to both Members and brokers in the Middle East. Julien Horn, having already been TT’s underwriter dedicated to the Middle East for some six years now, will relocate to Dubai on secondment to Through Transport Mutual Services (Gulf), the Club’s long established joint venture Network Partner.
Transport Law & Insurance Short Training Course on Offer, London
The 2013 Insight into Transport Law and Insurance course offered by UK P&I Club, Thomas Miller, is a 4-day course is aimed at executives and managerial staff either in the early stages of their careers or without specialist insurance and claims experience. By combining topical issues such as piracy and sanctions with coverage of more established issues in liability and insurance, Insight is also useful for those who wish to broaden or refresh their knowledge.. The combined expertise of the Insight team from the Thomas Miller managed clubs gives a well-rounded perspective on maritime issues.
Dry Land Big Row Benefits Lake Malawi Health Project
Three heroic teams of oarsmen from Thomas Miller P&I in London as well as sister team at Thomas Miller Asia-Pacific have all successfully completed their legs of the Big Row charity event. In total some eighty teams from the international maritime community took part in a 'virtual' row of the length of Lake Malawi to raise funds for the ongoing refurbishment of the 'MV Chauncy Maples' as a medical clinic ship. The main event took place in Spitalfields Market in the City of London on the evening of the 11th September.
Marine Broker Wins P&I Scholarship Internship
Johann von Rantzau has been selected as this year's Robin Travis Scholar following final interviews of candidates in Hamburg, Germany. The scholarship provides a three-month paid internship with transport liability specialist Thomas Miller for executives employed in the shipping, transport or marine insurance sectors in Germany. From 30th September 2013, Johann will be attached to Thomas Miller’s London head office where the businesses managed include the UK P&I Club, the TT Club and ITIC. He will enjoy a tailored programme of placements reflecting his particular business interests.
Piracy, Sanctions Top Shipowners’ List of Concerns
Legal and contractual issues, piracy and crime, and international sanctions are the most important areas of concern to merchant shipowners, according to a recent survey by the UK P&I Club. Close behind are crewing and personnel, insurance regulation, loss prevention, environmental legislation, shipboard risk management, cargo preparation and stowage, and port state control. Consequently, owners want information and advice from their P&I clubs on how to tackle the problems associated with these areas. Their priorities have been revealed by the UK P&I Club’s latest member survey. As one of the world’s largest marine mutuals, the UK P&I Club’s 122 million gross tons of international merchant shipping provides a representative cross section of the industry.
Watkins Syndicate Appoints Senior Underwriters
Watkins Syndicate Singapore Pte. Ltd. has appointed two senior underwriters to bolster its expanding presence in the Asia Pacific region. Watkins Syndicate Singapore, which is part of the Lloyd’s Asia Platform and represents Watkins Syndicate 457 at Lloyd’s, has hired Colin Fordham as Liability Underwriter and Richard Dare as Energy Underwriter. Both underwriters join Watkins in Singapore with strong track records in the insurance industry. Colin Fordham joins from Seasia P&I Services Singapore where he was general manager.
UK P&I Club Announces Positive Renewal
Estimated increase of renewal premium of seven percent. For many UK Club Members, subdued earnings and a lingering shipping recession remain an unwelcome fact of life. However, UK Club premium needs to address underlying claims inflation, as well as a future pick up in claims frequency from what have been record low levels. Hugo Wynn-Williams, Chief Executive of Thomas Miller P&I, the UK P&I Club’s managers, said, “It has been another good and solid renewal for the UK Club marked by continued controlled growth for a third year in succession whilst preserving a disciplined approach to underwriting.
Hold-harmless Clauses May Not Be So Harmless
ITIC has warned that the so-called ‘hold harmless’ clauses in many of the contracts entered into by its members may contain pitfalls which could prejudice their rights. A mutual hold-harmless indemnity clause should provide that each party to the contract agrees to take responsibility for - and to indemnify the other against - injury and loss to its own personnel and property and its own consequential losses, even if the accident and related losses are caused by negligence. But ITIC notes that…