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Marine Insurance P&I Club News

International Standard for Marine Fuels (Class F) — Specifications of Marine Fuels ISO 8217. The 2024 revision is about to be published

Michael Banning, a fuel specialist at Brookes Bell, has prepared an article summarising the forthcoming changes to ISO 8217 and unveiling important details such as the expansion of the specification from two to four tables, the requirement that the fuel shall be free from Organic Chlorides and many other amendments. Mr. Banning is a Chartered Marine Engineer with extensive experience in the marine industry. He is an active member of ISO TC28/SC4/WG6 Classification and Specification of Marine Fuels amongst other technical committees. Mr.Banning has assisted the industry in improving overall ...

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TT Talk – enhancing cargo protection and risk mitigation in inland navigation

As a component of a net zero emissions strategy, many logistics businesses are exploring alternative modes of transport, including less polluting modes such as rail and inland waterways. While different than other modes, security and safety hazards still exist. Thus, proactive risk mitigation to protect against loss, damage, and theft is required, particularly during transshipment operations. Logistics landscape and security objectives In the realm of logistics on inland waterways, the focal point of risk assessment is understanding and evaluating local infrastructure in the context of security. The objective is to ...

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Gard offers ESG guidance on ship repairs and recycling

Shipowners should be careful about Environmental, Social, and Governance (ESG) risks when selecting repair or recycling yards. Gard will now offer additional guidance on the topic, aiming to make it easier for owners to identify the most sustainable options. Lately, we have seen an increased public focus on environmental standards as well as working conditions at shipyards all around the world. Media reports have exposed poor health and safety conditions, labor rights violations, and environmental damage at some of these yards, raising concerns about the human rights and sustainability impacts ...

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James Bean to leave NorthStandard and join London P&I Club as CEO

NorthStandard announces the departure of James Bean, a senior executive team member, following his decision to accept a role as Chief Executive Officer of The London P&I Club. NorthStandard will not be replacing him as one of two chiefs of geographical sectors. Steve Cockburn who currently shares the position with James, will now assume sole responsibility. “It is with mixed feelings that we share this news,” said Jeremy Grose, co-Managing Director NorthStandard. “James has played a major part in some of the key developments in the past few years. He ...

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The London P&I Club Announces CEO Transition

The London P&I Club has today announced that Ian Gooch will be stepping down during the year from the role of Chief Executive Officer after 15 years as CEO and 21 years as a Director of A.Bilbrough & Co., the Company that manages The London P&I Club. Subject to regulatory approval, Ian Gooch will be succeeded by James Bean, from NorthStandard P&I Club. A qualified Solicitor, James Bean has worked within the marine insurance industry since 2005 and was appointed to the NorthStandard’s senior leadership team in February 2023. Prior ...

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US authorises winding down of oil and gas operations in Venezuela through 31 May 2024

Circular issued by International Group clubs This circular provides an update to the information in our previous circular dated 5 December 2023 regarding temporary authorisation of certain transactions involving oil, gas and gold in Venezuela. Transactions involving oil and gas General License 44, authorising transactions relating to oil and gas sector operations in Venezuela expired at 12:01 am eastern daylight time on 18 April 2024. It has not been renewed. General License 44 has now been replaced and superseded by General License 44A, authorising through 31 May 2024 the wind ...

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Western insurers say Russian oil price cap doesn’t work

A group of Western insurers has said a Russian oil price cap has become unenforceable and only pushed more ships into joining a shadow fleet, delivering one of the harshest rebukes to the measure that had been meant to cut revenue to the Kremlin. The G7 group of industrialised nations approved a price cap for Russian oil after Washington lobbied to curb the Kremlin’s revenue amid the war in Ukraine while keeping Russian oil flowing to avoid a an energy price spike. The cap allows Western shippers and insurers to ...

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The Shipowners’ Club announces latest developments to its self-service broker portal, P&I Online.

The Shipowners’ Club, the leading P&I insurer in the smaller and specialist vessel sector, is proud to announce the latest developments that have been made to its self-service broker portal, P&I Online. Technology continues to develop at pace, as do the requirements of people, for instant personalised and ever-improving service levels. As such, the Club will always strive to ensure it is constantly adapting to meet the evolving needs of its Membership and their brokers. Since the Club’s P&I Online portal was launched in April 2022, a great response has ...

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UK P&I Club launches expanded Safety & Risk Management division to support Members as they navigate increasingly complex risk environments

The UK P&I Club, has announced the launch of its new Safety & Risk Management division. This expanded remit has been developed to provide Members with the breadth of resources and guidance to help them navigate increasingly complex risk environments. The Safety & Risk Management division comprises five key pillars; fleet quality, loss prevention, the environment, crew wellbeing, and industry collaboration. This strategic repositioning reflects the Club’s perspective that identifying risks and proactively mitigating future losses requires a more holistic approach to anticipating and addressing the evolving risks that owners ...

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Cyberattacks on the rise – key recommendations

Cybersecurity is vital to the maritime industry, and yet vulnerabilities are increasingly being exploited by criminals. In this article, we share two examples of recent cyberattacks against Gard, as well as our key recommendations to prevent losses. Successful cyber-attacks can have serious consequences, such as operational disruptions, data leakage and financial losses. It is therefore important to raise awareness and improve security measures among maritime stakeholders, including crew members, operators, and service providers. With that in mind, we share our experience with two recent cyber-attacks aimed at Gard’s operations. The ...

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Requirement to provide voyage attestations and Alert from the Price Cap Coalition

Changes to the Russian Oil Price Cap Reference is made to Club Circular E.93 outlining changes to the Russian Oil Price Cap (OPC) scheme (which regulates the transport and insurance of Russian CN 2709 and CN 2710 cargoes) coming into effect as of 19 February 2024 (UK and US) and for cargoes loaded on or after 20 February 2024 (EU). Members are reminded that the two key changes were: •A requirement for attestations to be provided on a per-voyage basis. The attestations provided by shipowners to P&I clubs must be ...

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Beware: Increase in cases of broken mooring lines

In the recent cases reported to Gard, wind speeds were over 80km/h, i.e. wind force 8+ Beaufort scale, and the majority of the vessels involved were large cruise vessels. Luckily no severe damages or personal injuries were reported, but the incidents still serve as an important reminder of how important it is to ensure safe mooring operations. Broken mooring lines often cause hull damages involving one or more vessels and can also lead to severe port structure damages. Moreover, failure of mooring lines can lead to pollution or other severe ...

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The Oil Price Cap – requirement to provide voyage attestations and alert from the Price Cap Coalition

Changes to the Oil Price Cap Reference is made to Member Circular no. 18/2023 wherein changes to the Oil Price Cap (OPC) scheme (which regulates the transport and insurance of Russian CN 2709 and CN 2710 cargoes) coming into effect as of 19 February 2024 (UK and US) and for cargoes loaded on or after 20 February 2024 (EU) was described. Members are reminded that the two key changes were: • A requirement for attestations to be provided on a per-voyage basis. The attestations provided by shipowners to P&I clubs ...

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Venezuela – re-imposition of U.S. sanctions

On 17 April 2024 OFAC issued General License 44A (GL44A) which permits the wind-down of oil and gas operations in Venezuela until 31 May 2024, including “the production, lifting, sale, and exportation of oil or gas from Venezuela, and provision of related goods and services” and transactions involving the state oil company PdVSA. No new activity previously permitted under General License 44 (GL44) may be entered into and the wind-down period therefore only applies to activity authorised by under GL44 before 17 April. A copy of GL44A can be found ...

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No.3 2024/25 – Russian Sanctions – requirement to provide voyage attestations and alert from the Price Cap Coalition

Changes to the Oil Price Cap Reference is made to Notice to Members No.19 2023/24 wherein changes to the Oil Price Cap (OPC) scheme (which regulates the transport and insurance of Russian CN 2709 and CN 2710 cargoes) coming into effect as of 19 February 2024 (UK and US) and for cargoes loaded on or after 20 February 2024 (EU) was described. Members are reminded that the two key changes were: A requirement for attestations to be provided on a per-voyage basis. The attestations provided by shipowners to P&I clubs ...

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