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Lübcke Marine becomes Regent Marine

Lübcke Marine Assekuranzmakler – the specialist insurance broker for the marine sector – has changed its name to Regent Marine Assekuranzmakler. The name change reflects the company’s majority ownership by Regent Insurance Brokers (Europe) since 2012, and the close working relationship which has existed between the two businesses ever since. Staff, management, contracts and agreements remain unaffected by the change of name, which is intended to create a greater awareness of the company’s membership of the Regent group, and the resulting wider range of products available to customers. Explains Managing ...

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Skuld Renewal Update I Policy Year 2019/20

Skuld’s Board of Directors met in Bermuda on 7 November 2018 to discuss the 2019 renewals. It was noted that the underwriting performance for 2018 half year showed a small surplus, but the overall result was influenced by volatility in the financial markets. It was further noted that the club had supported its mutual shipowning members with a credit of 2.5% on individual mutual premiums for the third year in a row plus an additional USD 5 million Members’ Performance Bonus distribution paid to eligible mutual members in November 2018. ...

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The American Club: Claims Down by 23%, Premium Revenue up by 2%

The overall direction of the global freight markets remains ambiguous. While there are signs of growing confidence in several sectors, optimism as to the sustainability of the current expansion of seaborne trade has been tempered by concerns over rising geopolitical and macroeconomic tensions. Against this shipping industry background, premium softness in the marine insurance space has persisted. However, the relentlessly downward momentum of P & I rates caused by the “churn effect” appears to have abated somewhat as the pace of newbuilding deliveries has slackened, and the withdrawal of capacity ...

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Reflections on a Red October

October was a difficult month for the financial markets, with most equity markets falling in value, leaving the world equity index down -7.42% for the month. In fact, the only major market that was up in October was Brazil, where markets greeted the latest entrance of populism in global politics with a cheer. Interestingly, or rather worryingly for many investors, the most important global interest rate measure, the yield of the US 10-year government bond, increased. Over the last 20 years interest rates have tended to fall in response to ...

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Intermanager’s safety campaign for enclosed space entry

There are numerous articles, procedures and safety campaigns for enclosed space entry available in the public domain – by various authorities and stakeholders from the top down. However, regrettably there are still too many seafarers making fatal mistakes. InterManager have come up with a different approach: a bottom-up campaign that encourages seafarers to think about safety issues when working in enclosed spaces and to identify measures which would reduce risks and save lives. The Standard Club endorses this initiative and would encourage all members to participate in the campaign. Source: ...

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Russian Sanctions – Rusal – Third Extension

Further to our News Item of 16 October 2018 regarding OFAC licences which allow parties a wind-down period to terminate their dealings with the major Russia aluminium trader Rusal, Members may wish to note that this period has been extended again until 7 January 2019. As always, Members with specific questions concerning these measures and any other sanctions matters should contact the Managers. Source: West of England

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The Standard Club Financial Position, Open Policy Years, Renewal 2019, Brexit And Banking Arrangements & Security

The board reviewed the club’s financial position, the open policy years and the requirements for the 2019 renewal at the recent board meeting. FINANCIAL POSITION The club’s finances are strong and the current forecast is for a small reduction in free reserves at the end of the financial year. An underwriting deficit is expected on the most recent policy year and a small investment loss is anticipated. Despite this, the club’s free reserves remain well in excess of regulatory and rating agency requirements. OPEN POLICY YEARS P&I class: After two ...

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Continuing Warranty Of Seaworthiness

The managers are aware that, from time to time, members have been offered contractual terms with counterparties that require the shipowner to provide a continuing warranty of seaworthiness for the entire duration of the voyage. Should this situation arise, the club would urge members to exercise caution before entering into contract terms since such a warranty could prejudice their P&I cover. Cover for cargo risks is conditional inter alia upon the member not contracting on terms more onerous to the carrier than those of the Hague or Hague Visby Rules ...

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Food and fitness – a healthy and happy crew

Life at sea is challenging and most seafarers spend more time onboard than at home. One of the keys to a long career at sea is to ensure a healthy lifestyle and to reduce the risk for lifestyle diseases. How can this be achieved? Tasty, good and nutritious food is welfare but unfortunately such food might be more expensive compared to more greasy food, and the managers might not be eager to increase the victualing budget. One solution is to work closer with the food suppliers or the sea catering ...

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Increased risk of collision with aquaculture farms in Chinese waters

In July 2017 we reported on aquaculture farms and the dangers they pose to safe navigation. Since that time Gard has been involved in 12 claims where fishery farms have allegedly been damaged by commercial vessels. The amounts claimed ranged from USD 3,000 to USD 100,000 and the majority of these incidents occurred in the Lanshan and Rizhao areas where mussel and oyster cultivation form the bulk of aquaculture industry. Our local correspondent, Huatai Insurance Agency, has also indicated in their circular published on 7 August 2018 that they have ...

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The Standard Club Asia Ltd and Ping An Property & Casualty Insurance Company of China, Ltd collaborate to underwrite P&I risks for world’s second-largest shipowning country

The Standard Club Asia Ltd (“Standard Asia”), managed by Charles Taylor Mutual Management (Asia) Pte Ltd, yesterday entered into a co-operation agreement with Ping An Property & Casualty Insurance Company of China, Ltd (“Ping An P&C”), a subsidiary of the Ping An Insurance (Group) Company of China, Ltd (“Ping An”). Under the terms of the agreement, Standard Asia and Ping An P&C will jointly offer Protection and Indemnity (P&I) cover to China’s rapidly-growing shipowning sector, with a focus on owners undertaking ocean-going voyages. Mr David Roberts, Managing Director of Standard ...

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Phasing out paper copies of the Gard Rules

From the 2019 renewal, we will begin to phase out the distribution of paper copies of the Gard Rules. For some time now, Gard has been reviewing its publications to ensure that they are published in as timely and efficient a manner as possible. The use of electronic media allows our Members throughout the world immediate access to accurate, up-to-date information. In addition, we are aware of our environmental responsibilities and are looking to use less paper. From the 2019 renewal, we will begin to phase out the distribution of ...

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Thomas Miller launches innovative CSR programme, ‘Be the difference’

Thomas Miller, an international provider of market leading insurance services has launched their CSR programme ‘Be The Difference’ by announcing a three year partnership with international medical charity Mercy Ships. The global partnership will see Thomas Miller employees engage with Mercy Ships in a multitude of ways, as they seek to raise funds for the charity’s incredible work in providing free surgery and medical care to people in West Africa. Mercy Ships operates the largest charity-run hospital ship in the world, delivering free, safe medical care to some of the ...

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Sulphur cap ahead!

The IMO Marine Environment Protection Committee’s 73rd session (MEPC73) has just ended, and with it, so did all speculations about a potential delay of the global 0.50% sulphur cap. The rules apply from 1 January 2020 – and they will be enforced. To ensure a consistent implementation and enforcement, the MEPC73 also adopted the ‘carriage ban’, a complementary MARPOL amendment that will prohibit the carriage of fuel with a sulphur content of more than 0.50% for combustion purposes for propulsion or operation on board a ship – unless the ship ...

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TT Talk – LNG bunkering considerations

Significant coverage has been given to the debate in the maritime world concerning Sulphur content in bunker fuel and reduction is CO2 emissions. One fuel solution is LNG, but what are the implications for the shoreside infrastructure? LNG has grown in popularity as fuel for the ships, especially for use within the increasing number of emission control areas (ECA). As a result, port authorities and terminal operators, notably across Europe, are facing an issue of which method of LNG bunkering should be chosen to offer to ships. This problem extends ...

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