Executive Summary The shipping industry continues to be significantly affected by the sanctions imposed against Russia/Belarus as a consequence of the invasion of Ukraine. Members and the Club could be exposed to the risk of sanctions by reason of the involvement of Russian/Belarusian parties in the sale/purchase of cargoes, the origin and destination of Russian/Belarusian cargoes, and the ownership/management/operation/chartering of ships (“Russian/Belarusian-nexus risks”). The Club is introducing the following notification requirements which Members should comply with if their vessel activities have a Russian/Belarusian nexus: • Notice of a call to ...

1.On delivery: In the absence of any specific clause, line 22 NYPE requires that the ship be “ready to receive cargo with cleanswept holds” i.e. she is ready to commence loading without delay. Can charterers reject the ship if the holds are not clean? If the ship is not in the required condition, charterers are entitled to refuse delivery/reject her, and the charter period will not start. If owners are not able to rectify the condition of the ship before the cancelling date, charterers may become entitled to cancel the ...

WHAT ARE THE POSEIDON PRINCIPLES FOR MARINE INSURANCE? The Poseidon Principles for Marine Insurance (the “Principles”) were officially launched in December 2021, initially supported by Swiss Re, Gard, Hellenic Hull Management, SCOR, Victor International and Norwegian Hull Club. In March 2022, Fidelis Insurance became the first company from the London market to join the group. In May 2022, Navium Marine and AXA XL signed up to the Principles, taking the total number of full members to nine. “The Principles establish a framework to engage with the shipping industry and support ...

Since land-based storm events frequently are most severe at the shoreline, it is unsurprising that containers become caught up in the ensuing damage. Let’s look at some of the risks. Storm events, of course, arrive in various guises and will display characteristics particular to the season or location. Typically, there will be two immediate risks: high winds (including unpredictable gusts and water surface surges) and precipitation. The latter may well exceed the established drainage or channelling capabilities, which, combined with storm surges, can lead to severe flooding. Precipitation has in ...

On 8 May 2022, the US announced another series of sanction measures against Russia. These measures include the designation of several Russian shipping companies and vessels. The US Department of State designated/blocked eight Russian maritime-related entities and 69 of their vessels. OFAC concurrently placed those same entities and vessels on its Specially Designated Nationals and Blocked Persons (‘SDN’) List. The list of entities and vessels can be found in the State Department’s press release here and in OFAC’s sanctions announcement here. According to the State Department’s announcement, these sanctions were ...

On 17 March 2022 the UK Government published a General Trade Licence in part to clarify earlier amendments to the UK Russia (Sanctions) (EU Exit) Regulations (the “Regulation”). Specifically, the licence addresses the issue as to whether it is lawful under the Regulation for insurers and reinsurers domiciled or operating from the United Kingdom to provide insurance for vessels calling at Russian ports or transiting Russian territorial waters. The Licence provides that where the underlying trade is lawful and in accordance with applicable sanctions, UK domiciled Clubs, or UK domiciled ...

Current Covid-19 restrictions in Chinese ports Oasis P&I recently published circular No. 2204 covering the current Covid-19 restrictions in many Chinese ports. We summarise below the restrictions currently in place: • Surveyors’ attendance: For most Chinese ports surveyors’ attendance on board is not permitted, although some ports allow surveyors who are members of the ports’ covid-19 control management, also known as close loop management, to board vessels. In some ports and shipyards where boarding is allowed, surveyors have to undergo a period of quarantine afterwards. • Crew change: Chinese crew ...

The West of England P&I Club has today announced its financial results for 2021. Thanks to the successful implementation of a planned renewal strategy built around necessary premium increases and selective de-risking, West is in a strong position to meet future challenges. An improved technical performance saw West’s combined ratio improve to 114%, despite a particularly challenging environment for the industry. Without Covid claims the reported combined ratio would have been below 101%. The Club’s Free Reserve is $251.2m and the capital position remains strong, with West’s solvency coverage is ...

Joint report of 2021 global cargo theft trends finds shift in emphasis from risk of in-transit, vehicle- based attacks to losses while cargo is at-rest — storage locations are critical at risk areas. Widespread congestion at ports and inland facilities lead to increased opportunity for thieves during the period. The annual report, based on recent incident data for the whole of 2021 collated from sources including law enforcement agencies, governments and trade associations, has been compiled, as in the past years by leading international transport and logistics insurer, TT Club ...

Thomas Miller Specialty, a global multi-line insurance provider has announced a new partnership with Send Technology Solutions Ltd (Send) to automate and streamline its operating model. The new collaboration enables Thomas Miller Specialty to utilise Send’s cloud-based Underwriting Workbench solution to manage new business, renewals and endorsements across the business’ London and Hamburg offices from one single platform. The strategic partnership furthers Thomas Miller Specialty’s ambition to lead the market in technology-driven underwriting, providing a fully automated platform for all its specialty lines businesses and real-time provision of quality risk ...

China Classification Society (CCS) says China will ramp up the building of fully electric battery powered ships to operate on the country’s extensive inland waterways network following the successful maiden voyage of the CHANG JIANG SAN XIA 1, a 100m length cruise ship with the largest battery power in the world. The CHANG JIANG SAN XIA 1 was successfully delivered at the YICHANG XIN HUI SHIPBUILDING CO LTD on the Yangtze River in the Hubei province. The ship has capacity for 1300 passengers and will sail in the reservoir areas ...

Further to our News Item of 30 March 2022, the UK Government has announced today that the General Licence issued by them to allow parties to wind-down their activities with Sovcomflot has been extended until 30 June 2022. A copy of the Licence can be found here. The Managers are not aware of any parallel extension in the EU Regulations to allow EU entities to undertake transactions with Sovcomflot (and all other entities listed in Annex XIX of Regulation 833/2014) beyond the current wind-down period which expires on 15 May ...

1. Difference between Interruptions and exceptions to laytime An interruption to laytime covers a period when time does not count because it is outside the definition of laytime as expressed in the laytime clause. A common example is “Weather Working Day” (WWD) laytime period. An exception to laytime, refers to a period that is within the definition of laytime, but is excluded by an exceptions’ clause. The principal difference between the two is that with an exception to laytime it is necessary to show a causal connection between what is ...

For the first time, Gard is presenting an integrated annual report outlining its performance for the last financial year against a broad set of parameters, not only financial ones. By looking holistically at all its activities, Gard can measure the value it creates both for its Members and clients and for society at large. The financial year ending February 2022 was very challenging for the maritime industries, due to a variety of financial and operational difficulties. Our role is to support our shipowners when times are tough, and this year’s ...

The US Coast Guard’s Office of Commercial Vessel Compliance has recently released Port State Control (PSC) Annual Report for 2021. In 2021, 8,663 PSC exams were conducted by USCG which surpassed the 2019 pre-pandemic total of 8,622 PSC exams. The total number of ships detained in 2021 for environmental protection, safety, and security related deficiencies increased from 57 to 63. The annual detention rate decreased from 0.77 percent to 0.73 percent. The three-year rolling average detention ratio decreased from 1.02 percent to 0.87 percent. The number of detentions related to ...