MarAd Approves Sale and Transfer of Five Vessels
The Maritime Administration (MarAd) has approved the sale and transfer of five vessels under section 9 of the Shipping Act, of 1916, as amended. MarAd has approved an application filed by Zapata Gulf Pacific, L.L.C., of New Orleans, Louisiana for the sale of the offshore supply Adam Tide Official No. 1062708, to Tidewater Boat Limited, New Orleans, Louisiana, a Cayman Island corporation, and the transfer of said vessel to Vanuatu registry and flag. An application has been approved filed by Twenty Grand Offshore, Inc., of New Orleans, La., for the sale of the offshore supply Ed Kyle Official No. 1135063, to Tidewater Boat Limited, New Orleans, Louisiana, a Cayman Island corporation, and the transfer of said vessel to Vanuatu registry and flag.
TT Club Outlook Improved
TT Club’s improving financial position has been acknowledged by industry ratings agency AM Best, which has revised its outlook on the mutual insurer’s rating from ‘stable’ to ‘positive’. This latest recognition marks further progress toward the goal of regaining an ‘A-’ rating. In its press release AM Best affirmed a rating of ‘B++ (Very Good)’ and indicated that the change of outlook reflects an expectation that the current ratings could be reassessed once TT Club has demonstrated a consistent track record of strong earnings. TT Club’s 2004 record performance saw gross earned premiums rise by over 20% and the total surplus and reserves increase by 58%.
TT Club Appoints Lewin as COO
TT Club, the transport and logistics industry's provider of insurance and related risk management services has appointed Colin Lewin as Chief Operating Officer, effective October 1, 2002. Lewin, currently Asia Pacific regional manager for TT Club, will take over the operational management of underwriting and claims in order to leave CEO Paul Neagle free to manage the strategic development of the business following its extensive planning initiative last year with Ernst and Young. Lewin has been involved in the insurance and transport industry for more than 20 years, joining TT managers Thomas Miller in 1986 after six years in various operational roles in the transport sector.
TT Club Announces 2002 Results
The Board of TT Club has announced its financial year 2002 results. The Club posted a full year after tax surplus of $10.7 million (from a 2001 loss of US$40.2 million), supported primarily by a positive technical underwriting result of US$6.6 million (an improvement of US$35.5 million) and an increase in investment income. As a result the Club's free reserves (undiscounted) rose by 27 percent to US$50.2 million. Sir David Thomson, TT Club Chairman, commented: "The TT Club has faced and dealt successfully with a tremendous challenge in 2002. Our task was to protect the Club's solvency from any further decline after the difficulties of 2001 and I am pleased to confirm we have achieved this objective."
A.M. Best Awards TT Club "A-" Rating
TT Club, the leading mutual insurer in the international freight and logistics arena, has had its financial strength rating of A- (Excellent) re-affirmed by the US rating agency, A. M. Best. In a statement issued today announcing the Club’s ratings, A. M. Best expressed its view of the insurer’s balance sheet strength: “TT Club is expected to maintain excellent consolidated, risk-adjusted capitalization in 2011 following the good operating surplus achieved in 2010.” It also commented, “The Club continues to set reserves with a significant margin established above internal actuary’s best estimate”. The agency expects The Club’s underwriting results…
TT Club Reports Positive Trading Performance
Specialist liability insurer for the international transport and logistics industry TT Club said it had another good performance for the year ended December 31, 2012, with further increased gross written premiums, and the club now maintains its A- (Excellent) rating for the past eight years. In a statement, U.S. rating agency A M Best reaffirmed the financial strength rating of A- (Excellent) and the issuer credit ratings of “a-” of Through Transport Mutual Insurance Association Limited (TTB) (Bermuda) and its subsidiary…
TT Club Spots Innovation Trend in Logistics Sector
Insurance specialist in the global freight industry, TT Club, sees proliferation in technological capabilities & tailored supply chain processes. A long-term supporter of the British International Freight Association (BIFA) Awards, TT Club sponsored the 2012 European Logistics Award. TT Clubs Development Director for UK and Ireland, Brian Sullivan was part of the judging panel that employed a stringent vetting process to find the winner, Delamode International Logistics. The award was presented by Sullivan at a ceremony in London last month. This experience, along with the Clubs detailed knowledge of its customers supply chain services, has convinced Sullivan of the current proliferation of innovation in the sector and a trend away from rate-driven commoditisation.
Spirit III Sale Reaps $27M
The TT-Line has sold the Spirit III for up to $20m more than it paid for the ship in 2003. But with cost of modification work done to make the ship suitable for Bass Strait, the TT-Line will probably only keep about $3.7m from the sale, The Mercury reported. It also has to pay its shipbroker more than $752,500 in commission. Mediterranean operator Corsica Ferries would pay $82.5m for the ship TT-Line bought for $62.2m. The identity of the buyer and the sale price had been kept confidential since a memorandum of understanding was signed last week. The axed Spirit III will sail from Sydney for Devonport for the last time on August 27. Corsica Ferries would collect the ferry from Devonport in early September. (Source: http://www.themercury.news.com.au)
TT Club's Reports Strong 2003
The TT Club, a provider of insurance and risk management services to the international transport and logistics industry, has reported another successful year for its financial year 2003. combined ratio - the underlying operating performance. 18% from US$326.3 million) were at their highest for five years. increased 10% from US$62.8 million to US$69.3 million. million to US$17.1 million. improvement of US$2.3 million. commented Sir David Thomson, Chairman of the TT Club. three-year quota share reinsurance with the same Group. transferring its business to the joint venture partner, BV-Unicon. results positive. minus rating as quickly as possible," he said.
Following the Path of the Transport Revolution
TT Club, established to fill a gap in insurance as the freight container revolutionized trade, celebrates 45 years dedicated service to the transport and logistics sector. In 1956, the first strengthened containers were loaded onto a spar deck of the converted tanker, Ideal X. This marked the fulfilment of a dream for American trucker Malcom McLean who had, since 1937, been working on how to reduce the long waiting hours for dockers to stow or unload his vehicles onto or off ships. The container age was quietly born.
TT Club Signs Partnership in The Philippines
Specialist transport insurance provider, TT Club has appointed a network partner in The Philippines. Del Rosario Pandiphil Inc. becomes the seventh such partner that the international logistics and freight handling insurer has in the Asia-Pacific region, underlining the Club’s commitment to provide its Members with both local expertise and global coverage. From its headquarters in Manila, Del Rosario Pandiphil will be dedicated to handling TT Members’ claims in the most comprehensive and effective manner.
Bradley Appointed as New Director For TT Club e-Commerce Initiatives
forwarders worldwide, has appointed Louise Bradley to the new position of director of e-commerce strategy. Based in London, the appointment highlights the growing importance of the TT Club's suite of Internet services, which include ClaimsTrac, eClaims and TTXpress.com. Bradley, a graduate in law from Queen's University, Belfast, will be responsible for leading the development and implementation of the club's e-commerce presence. strategic alliances, she will be responsible for the management, development and delivery of existing services. "Louise brings a rich and varied experience to this important new role," said Paul Neagle, TT Club's CEO.
Casino Boat Catches Fire off Florida Coast, 15 Injured
At least 15 people were injured when a fire engulfed a boat off the coast of Florida on Sunday, causing the 50 people aboard to jump into the Gulf of Mexico and swim to shore, local officials said. A preliminary investigation showed the fire broke out at about 4:17 p.m. EST from an apparent engine issue, said Shawn Whited, division chief with Pasco Fire Rescue. “The captain of the boat said there was an issue with the engine. He said he noticed smoke coming form the engine room and turned the boat around,” Whited said.
TT Club Expand Claims Network in India
In a move designed to further enhance its service to its Members TT Club, the specialist insurer for the international transport and logistics industry, has appointed a network partner in India. Pandi Correspondents (Mumbai) Pvt Limited, which has offices in Chennai, Kolkata and Goa in addition to Mumbai will be integrated into TT Club’s claims IT system and has been delegated claims handling authority. Phillip Emmanuel is the leader of the Club’s operations in Asia-Pacific based in Hong Kong. “One of TT Club’s strongest attributes is its global claims service. As a mutual we are dedicated to handling our Members’ claims in the most comprehensive and effective manner possible. Our Members’ operations touch every part of the world and as such our service must be truly international.
Port Accidents are Avoidable
Speaking this week at the industry forum, ASEAN Ports and Shipping in Ho Chi Minh City, Vietnam, TT Club’s Regional Director for Asia Pacific, Phillip Emmanuel, showed evidence that a very high percentage of the insurer’s claims were due to some kind of operational error. The majority could have been avoided through good management practice. Emmanuel highlighted the main areas of concentrated risk and presented effective recommendations to minimize these incidents. Leading transport and logistics insurer TT Club’s latest analysis of 9,500 claims over the past seven years, valued at $400 million, confirmed an ongoing trend in avoidable damaging events that resulted in claims.
TT Club Welcomes London Gateway’s First Scheduled Vessel
With the arrival of MOL Caledon, DP World’s London Gateway received its first scheduled ship call last week. Specialist freight transport and cargo handling insurer, TT Club provides the liability cover for the U.K.’s newest container terminal. The sheer enormity of the operation at London Gateway is underlined by the vital statistics it will boast when it is completed – 2,700 meters of quayside, 24 gantry cranes (each weighing more than 1,800 metric tons and standing higher than the London Eye), the largest logistics park in Europe, with planning permission for individual warehouses of up to one million square feet and newly built road and rail access.
Seminar Highlights Freight Liability in Russia
International freight insurer TT Club convened a special seminar at the recent conference on transport and logistics, Trans Russia in Moscow. Lead by TT Club’s General Manager, EMEA, Kevin King and Kirill Berezov from the insurer’s long-established Russian network partner Panditrans, the seminar outlined both the changing nature of the transport operator’s liability in Russia and the idiosyncratic nature of insurance conventions applicable in the region. TT Club believes that there is an urgent need for international freight forwarders…
Boaters Should Get 'Ticket' Before Setting Sail
Every year more than 100 Canadians die while boating, with the period between May and August accounting for the majority of drowning fatalities. With boating season fast approaching, now is the time to get prepared before heading out on the water. "The majority of boating accidents can be prevented with a few simple precautions," says Robert Dupel, spokesperson for BOATERexam.com. "We want to remind boaters that it only takes five minutes to review a pre-departure boating checklist. For over thirteen years, BOATERexam.com has worked closely with Transport Canada to deliver safe boating courses (online and in class) that prepare recreational boaters for Canadian waters.
TT Club Urges Quay Crane Anti-Collision Systems
The TT Club is urging container terminal operators to fit electronic sensor devices to quay crane booms to prevent them accidentally colliding with vessels during loading and unloading operations in port. The TT Club says that crane booms colliding with the structure or equipment of a ship is an all-to-common occurrence at almost every port around the world, causing serious injuries to workers and costly repairs and operational downtime. In advising its Members and the industry at large, TT Club highlights the frequency of such collisions, and recommends installing effective boom anti-collision systems. Among the various types of device currently in use, the simplest consists of wires run along the length of the crane boom, which activate a switch to stop the crane if they are hit.
Convention May Up Terminal’s Liability
A new United Nations convention on carriage contracts (“Rotterdam Rules”) will impact the liability of marine terminal operators when it comes into force, according to TT Club. The UNCITRAL “Draft convention on contracts for the international carriage of goods wholly or partly by sea”, now known as the Rotterdam Rules, has been submitted on 20 October 2008 to the International Legal Committee of the United Nations General Assembly. It is near certain that the Rotterdam Rules will be approved by the United Nations. However, a signing ceremony is scheduled for September 2009, and the Rotterdam Rules would enter into force one year after signature by the 20th United Nations Member State.
TT Club Works Toward Safer Supply Chain
Freight transport insurance specialist TT Club said it is continuing its efforts to reduce risk in the supply chain. Through constant analysis of the claims it receives, the international insurer has pinpointed an array of operational circumstances that more commonly cause dangerous incidents resulting in bodily injury, sometimes death, and significant loss and damage to cargo, equipment and property. Following in a series of presentations at industry gatherings, by which the club seeks to draw attention to such causes and advises on steps to improve safety…
Standards of Container Packing Must Be Improved
It is no surprise that the correct packing of containers is high on the agenda for industry bodies, regulators and insurers, as the consequences of unsafe and badly secured cargo are serious. In fact, of all freight transport insurer TT Club’s claims, some 65 percent feature cargo loss or damage and of these over one-third result from poor packing. Higher levels of training to maintain and improve the expertise of those employed by shippers, consolidators, warehouses and depots to pack containers is now a primary objective of a number of current industry initiatives.
TT Club Pinpoints Risks for Logistics Operators
The overwhelming majority of insurance claims analysed by TT Club have showed that costly damages and loss, as well as serious bodily injury can be prevented or significantly minimised by sensible and concerted risk management efforts. Speaking at this week’s TOC Container Supply Chain Asia Conference in Singapore, TT Club’s Phillip Emmanuel drew attention to the wide-range of causes leading to insurance claims by transport and logistics operators. “While these causes are varied…