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Black Sea Grain Initiative – Update regarding corridor delays and preparation for inspection

Congestion in the Black Sea off Istanbul has increased due to delays in waiting times for the Joint Coordination Centre (JCC) inspections, particularly for laden vessels. By way of a reminder, the JCC’s role is to implement the Black Sea Grain Initiative, a humanitarian maritime corridor to allow ships to export grain, other foodstuffs and fertilizers from Ukraine. Despite recent news that the Russians had pulled out of the initiative, the situation has been rectified and JCC operations are again proceeding in the usual manner as at the date of ...

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GARD: Status report as at 20 August 2022

In spite of financial and economic uncertainty, we are pleased to report that as at 20 August 2022, on a consolidated basis,1 Gard P. & I. (Bermuda) Ltd. (the “Association”) and its subsidiaries (together, “Gard” or the “group”), has improved its insurance performance significantly for the current year, while the investment losses reflect the challenging macro-economic situation. The financial rating remains strong with an A+ (stable outlook) rating by Standard and Poor’s. Highlights Key accounting and performance figures, and decisions taken by the Association’s Board of Directors can be summarised ...

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EU sanctions – updated FAQs published by the EU on the carriage of certain Russian cargoes including coal and fertilisers

UPDATE – 3 November 2022 On 19 September 2022, the EU amended its FAQS clarifying that the carriage of certain cargoes from Russia including coal and certain types of fertiliser (and related insurance) is not prohibited (under Council Regulation (EU) 833/2014) when the goods are being transported to non-EU countries. On 7 October 2022 the EU updated the FAQs which are as follows: 2. Is the transfer of goods listed in Annexes XVII, XXI and XXII of Council Regulation 833/2014 by an EU company allowed when the goods are destined ...

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Sustainability & Impact Policy Statement

Some 90% of global trade is ocean-going, meaning that approximately 11.9 billion tonnes of cargo are carried by sea. West has been building foundations for a safer and stronger maritime industry for 150 years and we believe that we have a duty to ensure that this industry remains resilient and sustainable. West is committed to building a strong industry for its’ people and the communities within which we operate, while also helping our members navigate the challenges and capitalize on the long-term opportunities and benefits of progressing toward a more ...

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The Shipowners’ Club: General Increase Announcement – Renewal 2023/2024

At the half year stage, the Club reported a Combined Ratio of 96.2%, with an underwriting surplus of US$ 4.3m. Mindful of increases in premium requested through General Increases in recent years and the overall positive Underwriting result, the Board resolved that no General Increase would be applied across the Membership. 2022 Financial Year Both claims from the Club’s Membership and to the International Group Pool have been lower than expected which has offset the impact of inflation. Since the half year point, however, claims from the Club’s Membership have ...

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Transport of lithium-ion batteries – a continuous threat

The publishing of a whitepaper by insurance providers TT Club along with its fellow Thomas Miller managed business, UK P&I Club, and technical and scientific consultancy, Brookes Bell brings greater awareness of the dangers inherent in the transport of lithium-ion batteries, particularly by sea. The increased demand for ‘green power’ for a wide range of portable devices such as mobile phones, mobility aids and recreation, manufacturing and power storage, through to larger products, such as electric vehicles will undoubtedly result in the production and transport of these batteries rising exponentially ...

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Swedish Club celebrates the opening of its new Singapore office in style

The Swedish Club’s new Singapore office is now open for business and receiving visitors, and the Club celebrated this in style with a reception held at the Westin Singapore. Members, business colleagues and local dignitaries were invited to join the Club in toasting to the future success of the new venture. Lars Rhodin, Managing Director of The Swedish Club welcomed guests to the event, saying: “There is no doubting Singapore’s position as the leading global maritime centre, which will provide the Club with the platform to secure and further enhance ...

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China MSA issues warning of unidentified underwater objects off Fuzhou and Ningde ports

Club correspondent Oasis P&I has released the below circular number 2209 issuing guidance on the new notice of correction no. 32/22 issued by China MSA and the navigation warning released on 10 September 2022 by Fujian MSA. On 10 Oct 2022, China MSA issued No. 41 Notice of Correction to Channel Charts of Chinese Coastal Ports, in which they requested ships to remark the warning statement “Unidentified underwater objects were found in northeastern waters of Heiyan Island, Sansha’ao, Lianjiang, Taiwan Strait, within a radius of one nautical mile from the ...

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Rate Rises To Stay Sizable For 2023 P&I Renewal Despite Better Half-Year Underwriting Results

P&I Clubs Have Seen A Sharp Turnaround In Underwriting Fortunes For the first time since 2018, protection and indemnity (P&I) clubs have on average recorded an underwriting profit at half-year. S&P Global Ratings expects that for the full year the clubs’ average combined ratio will be 95%-100%. The change in underwriting fortune has primarily been driven by a complete lack of new pool claims for the policy year 2022-2023 to date. While the second half of the year tends to see a higher amount of pool claims, so far there ...

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Steamship Mutual: Financial Update and 2023 Renewal

Highlights • The Club’s own claims for the 2022/23 policy year at six months are less than budgeted. • There were no International Group (IG) Pool claims reported for the 2022/23 policy year in the period to 20 September. • Development of prior year IG Pool claims has been greater than expected. • As a result of the favourable claims projections the 2022/23 financial year combined ratio is better than expected at six months. • Investment results have been negatively impacted by interest rate increases in the United States and market ...

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Statsraad Lehmkuhl – the wind and the sails

The master and his crew Statsraad Lehmkuhl is a 108-year-old tall ship (Barque) registered under the Norwegian Flag and has been an icon in her home port of Bergen since 1923. While the vessel is old, it is fitted with state-of-the-art technology for navigation and ocean research. The vessel can run at 11 knots on a 750 rpm,827 kW Diesel generator and 18.5 knots using her 22 sails. It is manned by about 20 permanent crew, 10 trainees and is designed to carry some 150 apprentices. There were 77 apprentices ...

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TT Club signs up to the Principles for Sustainable Insurance Initiative

Through Transport Mutual Insurance Association Limited (TT Club) is acutely aware of the requirements of all enterprises to take responsibility for achieving a sustainable future for the natural environment and to go further by adhering to the wider environmental, social and governance (ESG) aims. By applying the principles of this United Nations’ initiative, TT Club is underlining its commitment in a way that is relevant to its global risk management and insurance operations. The Principles for Sustainable Insurance (PSI) is global framework for the insurance industry to address ESG risks ...

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Troubled waters: Responding to cyber-attacks in the maritime industry

Shipping is increasingly digitalised and interconnected. As traditional maritime operations are replaced with autonomous and computerised processes, cyber security vulnerabilities become more prevalent. While this isn’t unique to maritime, certain innate challenges face shipping regarding cyber-attacks. These include the hyper-complex nature of ships and global supply chains, as well as the numerous stakeholders involved in operations and chartering. Certain industry experts are already making waves in addressing these threats, but given the global reach and importance of the sector, there is likely no short-term solution. An ocean of trouble Speaking ...

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SOLAS – Amendments to the IMSBC Code (Amendment 06-21)

Due to the COVID 19 pandemic, the normal 2-year revision cycle has been interrupted and contracting governments to the SOLAS Convention may apply the latest amendments in whole or in part on a voluntary basis from 1 January 2023. Mandatory compliance with the amended IMSBC Code requirements will begin on 1 December 2023. A new 2022 edition of the IMSBC Code has now been published by IMO which incorporates the 06-21 amendments. Copies can be obtained via the IMO publications website. The primary changes from the 2020 edition (incorporating amendment ...

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The Nordic Marine Insurance Plan of 2013, Version 2023

The Nordic Marine Insurance Plan is a collaboration between The Nordic Association of Marine Insurers (Cefor), Danish Shipping, the Finnish Shipowners’ Association, the Norwegian Shipowners’ Association, and the Swedish Shipowners’ Association. The Plan is regularly updated every 4 years. The 2023 Version of the Nordic Plan was launched at the beginning of October 2022 and can be utilised immediately. Before highlighting the 2023 changes, it is valuable to summarise the key factors lying behind the Nordic Plan, and its accompanying explanatory text – the Commentary. The Nordic Plan is a ...

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