• As at 20 February 2023, Free Reserves stood at US$454 million, from US$473 million at the same time last year, in excess of the S&P AAA rating level. • The financial year combined ratio improved from 112.7% to 95.4%. • Owned tonnage as at 20 February 2023 was 117 million GT, a 6.3% increase over the previous year. • Total entered tonnage, including chartered, increased from 195 million GT to over 230 million GT as at 20 Feb 2023. • International Group (IG) pool claims for the 2022 policy ...

The UK P&I Club continues to grow its premium base, through its diversification agenda, while increasing its regulatory capital adequacy ratio to 200%. The Club’s gross written premium exceeded $500 million for the first time as the Club expands its fixed premium P&I business. The combined ratio of 104% was an improvement over last year’s 115%. Mutual owned tonnage increased at renewal this year to 153 million GT. Rising interest rates and global inflation impacted the Club’s investment portfolio, mostly comprised of fixed income assets. In this challenging environment the ...

Shipping transports around 90% of world trade onboard different vessels so maritime safety is critical. Improvements have been significant over the past decade, culminating in the sector reporting a record low number of large ships lost over the past year. However, a combination of factors impacting fire risk, ongoing and new threats posed by the ripple effects of the Ukraine conflict, decarbonization challenges, economic uncertainty, as well as the rising cost of marine claims, means the sector still has plenty of obstacles to navigate over the next 12 months and ...

In the past two months, since the beginning of April, yet more examples of criminal gangs utilising the complexity of European import trades to smuggle in drugs have continued to emerge. Reports include cocaine in containers of fruit through the port of Antwerp; in Rotterdam narcotics were discovered in reefer containers carrying melons from Panama; ecstasy with a value of €1.5 million in a truck at Calais and Le Havre emerging as a hotspot for cocaine imports; 133 kilos of marijuana and hashish at the Port of Motril in southern ...

Gard was founded in 1907 by shipowners who were unwilling to expose themselves, through a mutual insurance arrangement, to the perceived new risks of steam propulsion. Now the wheel is turning full circle and increasingly shipowners are looking to retrofit or buy newbuilds incorporating wind propulsion technology. But what risks might that new equipment pose, and how will marine insurers react to them? Shipowners are operating under a host of regulations and market pressures to reduce CO2 emissions. There is the IMO target of a 50% reduction in total CO2 ...

Following Brazil’s ratification of ILO Convention 185, only seafarers’ identification documents issued by ILO Convention 185 member states are accepted as valid travelling documents by Brazil, without the need for a visa. We have received numerous enquiries from Members regarding the new immigration controls for seafarers entering Brazil, with some even having been fined for non-compliance. Members and master of vessels trading to Brazilian ports are advised to familiarize themselves with the new immigration regulations to avoid deportation notices and fines. Stricter immigration controls for seafarers The Brazilian immigration authority ...

TR(B) Americas is led by Director, Mike Unger, and was established in January of this year following the acquisition of its former exclusive correspondent, B Americas P&I LLC, by Tindall Riley & Co. Ltd./the Managers of Britannia P&I. TR(B) Americas is now a six-strong team dedicated to providing exceptional service to Britannia Group Members in the region and with the aim of facilitating the growth of the Club’s membership base in North America which already accounts for approximately 5% of its entered owned tonnage. “It’s an honour to join the ...

The Shipowners’ Club, the leading P&I insurer in the smaller and specialist vessel sector, is delighted to announce the promotion of Mark Harrington to its management board. As previously announced, today (25 May 2023) marks Simon Swallow’s final day as CEO of the Shipowners’ Club, with Simon Peacock taking on the reins in that role. As Simon Swallow moves towards his retirement date of 3 August, the Club will miss the unique commercial contribution that he has brought to this role since March 2015 and to the Club over the ...

On 4 December 2022, the UK Government issued General Licence INT/2022/2469656 (“GL”) to implement the EU/G7 price cap in respect of Russian origin crude oil, which was amended on 3 February 2023 to implement the separate price cap in respect of petroleum products. Insurers domiciled or operating from the UK (“UK insurers”) who wish to rely upon the GL are required to keep a record of the maritime transportation of Russian origin crude oil or petroleum products from Russia to a third country or from a non-Russian port or via ...

As the demand for electric vehicles grows, questions are increasingly being asked about fire safety during transportation by sea. The Swedish Club has embarked on a series of webinars aimed at putting the risks in context and providing advice on how to deal with them. On Friday 26 May at 10.00 CET, a panel of experts including Torben Stadtaus of Volkswagen, Martin Carlsson of Stena Teknik and Captain Filip Svensson of Wallenius Wilhelmsen will join the Club’s Loss Prevention team to share their specialist knowledge in this emerging field. ‘Fire ...

TT Club has long been aware of the issues surrounding corruption in the maritime transport industry. The insurer is dedicated to ensuring these corrupting effects on the overall integrity of freight transport worldwide are minimised, if not eradicated. As such TT is delighted to partner with the MACN, an organisation with an exceptional track record of highlighting and reducing corruption. MACN is a global business network working towards the vision of a maritime industry free of corruption that enables fair trade to benefit of society at large. With a current ...

In February 2022, a BMC Public Health study was conducted on seafarers’ mental health during the Covid-19 pandemic. The research found that 12.4% of seafarers displayed symptoms of anxiety, while 14.1% showed signs of depression. Interestingly, these rates were lower than those of frontline healthcare workers, where 29% exhibited anxiety symptoms, 26.3% showed depressive symptoms, and 20.7% had PTSD. A new Loss Prevention Bulletin on Mental Health has been published to mark this event and raise awareness and promote understanding of mental health issues in the maritime community. It highlights ...

The International Group had previously approved the Secro Customer and User Agreement dated 6 October 2022 and the Secro Standard e-bill of lading. These continue to be approved. Secro Customer and User Agreement dated 16th March 2023 and use of alternative e-bills as may be provided by Secro’s customers (‘Customer e-bills of lading’) – Approved This circular confirms approval by the International Group of an updated version of the Secro Customer and User Agreement dated 16 March 2023 as well as use of Secro Customer e-bills of lading in conjunction ...

In November 2021, the Court of Appeal reversed the decision of the High Court judge that a shipowner is entitled to recover damages in addition to demurrage where a ship exceeds laytime. The Court of Appeal decided in K Line Pte Ltd v. Priminds Shipping (HK) Co Ltd [2020] EWHC 2373 (Comm) (The Eternal Bliss) that demurrage liquidates the whole of the damages arising from a charterer’s breach of charter in failing to complete cargo operations within the laytime. In September 2022, the UK Supreme Court granted permission to appeal. ...

Last week The Swedish Club bid farewell to delegates attending its first face-to-face Marine Insurance Course (MIC) since the pandemic. Nearly 40 participants from 13 countries joined the Club to understand more about marine insurance and to apply that learning to their everyday working lives. The course was carefully structured to appeal to all levels of professionals, and the Swedish Club team welcomed brokers, claims handlers, DPAs (Designated Person Ashore) and Vice Presidents. China was particularly well represented, and the Club’s five regional offices delivered participants from around the globe. ...