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Marine Insurance P&I Club News

Singapore Maritime Foundation and International Group of P&I Clubs Cooperate to Promote Marine Liability Education and Training to Singapore Talent Pool

The Singapore Maritime Foundation (SMF) and the International Group of P&I Clubs (IGP&I) on 17 April 2024 signed a Memorandum of Understanding (MOU) to cooperate in the promotion of education and training of marine liability to the Singapore talent pool. Signed during Singapore Maritime Week 2024, the MOU provides a framework to leverage on the unique strengths and value propositions of each respective organisation for the shared goal of providing high-quality maritime education and the development of talent for the maritime industry. As part of the cooperation, SMF and IGP&I ...

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Is the decline in global piracy over?

A global resurgence Global piracy and armed robbery incidents increased by 4% in 2023 compared to 2022, according to the International Maritime Bureau’s Piracy Reporting Centre (IMB PRC). While this does not appear to be a substantial overall change, a closer look at the figures do reveal some alarming trends. First and foremost, the resurgence of Somali pirate activity raises concern. The IMB PRC, in December 2023, reported the first successful hijacking of a vessel off the coast of Somalia since 2017. During the first three months of 2024, five ...

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The Shipowners’ Club reports a strong investment return and an increase in capital and reserves

The Shipowners’ Club, the leading mutual P&I insurer in the smaller and specialist vessel sector, has reported results for the year ended 31 December 2023. The Club delivered a close to breakeven underwriting surplus of US$ 4.1m, with a 2023 combined ratio of 98.4%. Although volatility remained a factor throughout 2023, the financial year saw a much-improved picture for financial markets following the headwinds experienced in all aspects of the investment universe in 2022. The Shipowners’ Club was pleased to report its investment portfolio returned an overall gain of US$ ...

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The Lillehammer Energy Claims Conference – looking back and ahead

Jan-Hugo – as Special Adviser on Offshore and Energy in Gard, you have been involved with the Lillehammer Energy Claims Conference (LECC) for close to 30 years. Tell me what it is and how it started. The international offshore energy market is small by number of active insurers. It involves high risks, extreme loss exposures and tailor-made solutions. Often several stakeholders are involved in the same casualty and they have different insurance solutions and lead insurers. Between 1985 and 1995 the global energy insurance market peaked and was significantly restructured. ...

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TT Talk – The supply of clean drinking water to ships’ crews

Access to safe and clean drinking water to sustain life is one of the most basic human needs; exposure to contaminated water can have serious health implications. Ports play an essential role in the provision of clean drinking water to the maritime industry, contributing to the welfare of the crew and the achievement of sustainable development goals. Ability to access safe wholesome drinking water is a fundamental human right and a critical feature in ensuring the health and welfare of ships’ crews. Although ships take responsibility for maintaining the quality ...

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Loss of purchasing power across the global continues to fuel cargo crime

In the recently published Annual Cargo Theft Report 2023 TT Club and BSI SCREEN Intelligence pinpoint high inflation as a primary macroeconomic driver of cargo crime patterns. The rise in food and beverages as a stolen commodity is one such indicator. Increase in Food and Beverages (incl. alcohol) stolen from 16% to 24% of global total Most common mode remains Road at 71% Facilities as a location for theft down from 30% to 23% Top countries include Mexico, USA, South Africa, Germany & Italy Electronics slightly down at 9% of ...

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Slowing increase of insurance costs a relief for vessel operators – uncertainty of war risk

With marine insurance being an important component of vessel operating costs, we have done a review of the latest trends in P&I and H&M as part of the assessment for Drewry’s upcoming Ship Operating Costs report. Protection & Indemnity – market softening but reinsurance more volatile At the recent renewal on 20 February 2024, the International Group Clubs were seeking an average general increase of P&I 6.5% (FD&D 6.1%), with a range of 5% to 7.5%. Anecdotally, it seems likely that the clubs did not achieve this level of increase ...

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Getting ready for FuelEU Maritime

Shipping, and in particular shipowners, may feel that the past couple of years have been overwhelming in terms of adapting to new decarbonisation regulations. 2023 saw the introduction of the Energy Efficiency eXisting ship Index (EEXI) and the Carbon Intensity Index (CII). 2024 has seen the extension of the EU Emissions Trading System (EU ETS) to shipping. And 2025 will see the start of FuelEU Maritime. FuelEU Maritime is the second element within the EU’s Fit for 55 Package directed at shipping. Its purpose is to reduce the greenhouse gas ...

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Enhanced collaboration in a competitive landscape the key to the future, says Thomas Nordberg

Improved industry cooperation is key to ensuring the maritime industry meets the challenges of today’s uncertain operating environments, believes Thomas Nordberg, Managing Director of The Swedish Club. He made the comments during his keynote address at the Nordic Association of Marine Insurers’ (Cefor) annual seminar and dinner, held in Oslo on 4th April. “A joint approach to high priority industry challenges, commonly driven by factors outside the scope of our control, is the only way to cut through the uncertainty that marine insurers face in today’s global society,” he said. ...

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Trading troubles: Bartering for welfare items in ports

Sometimes seafarers participate in an amiable exchange of low-value items from the vessel, including scrap, stores, and personal effects, with locals in foreign ports. Through such bartering seafarers acquire welfare items like SIM cards and fresh supplies. However, some local authorities view such transactions as violations of local laws, potentially resulting in substantial fines and/or prosecution. Our correspondent in Togo, BUDD, reports that there have been recent cases in the port of Lome where crew members have been prosecuted by the local custom authorities. Hefty fines have been imposed on ...

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Electronic (Paperless) Trading – The trace:original system, provided by Enigio

This circular informs Members of the approval by the International Group of P&I Clubs (the Group) of the trace:original system, provided by Enigio. Members may recall, as reported in Circular of 2 April 2024, that, until February 2010, the Rules of all of the Group Clubs specifically excluded liabilities in respect of the carriage of cargo under all electronic, i.e. paperless trading, systems to the extent that the liabilities under such systems would not have arisen under a paper system i.e. one using transferable paper documentation. Since 20 February 2010 ...

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Inaccurate cargo declaration for solid bulk cargoes

Despite mandatory requirements for shipper information on solid bulk cargoes, inaccurate or incomplete cargo declarations are still common in shipments leaving Brazilian ports. The problem Domestic law and international regulations require shippers to provide adequate written information about solid bulk cargo well in advance of loading. Internationally mandatory requirements are contained witin SOLAS and the IMSBC Code, Grain Code and BLU Code/Manual, while the Brazilian Civil Code and Commercial Code further details the documentary requirements for cargoes delivered and handleled within the country. Although these requirements have been around for ...

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To arbitrate or not: Does it “matter”?

Introduction On 20 September 2023 the Supreme Court of the United Kingdom handed down its much-anticipated judgment in Republic of Mozambique (acting through its Attorney General) v. Privinvest Shipbuilding SAL (Holding) and others [2023] UKSC 32. The appeal concerned the interpretation and application of section 9 of the Arbitration Act 1996 and, in particular, whether the claims of the Republic of Mozambique brought in the English High Court were “matters” within the scope of the relevant arbitration agreements. Section 9 of the Arbitration Act 1996, gives the right to “a ...

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Electronic (Paperless) Trading – The BRITC eBL system

Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A. (edoxOnline platform), WAVE (WAVE Application), ICE Digital Trade Management Limited, CargoX, IQAX Limited (IQAX eBL), Secro Inc. (Secro), TradeGo PTE. LTD (TradeGoeBL), eTEU Technologies Ltd (eTEUeBL Platform), and BRITC ETRADE SOLUTION Co., Ltd (BRITC eBL). This circular informs Members of the approval by the International Group of P&I Clubs (the Group) of the BRITC eBL system, provided by BRITC ETRADE SOLUTION Co., Ltd. Members may recall, as reported in Circular of 20 December 2023, that, until February 2010, the Rules ...

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The Swedish Club Welcomes Martti Simojoki as New Loss Prevention Manager

The Swedish Club proudly announces the appointment of Martti Simojoki as the newest addition to our team, taking on the crucial new role of Loss Prevention Manager. Martti brings a wealth of expertise and experience from his extensive 20-year career, having served as a Senior Loss Prevention Manager at Alandia in Finland and holding a number of significant positions onboard ships worldwide. Additionally, his tenure as a Marine Superintendent at Wallenius in Stockholm has further enriched his understanding of maritime operations. Having previously fallen under the auspices of the Claims ...

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