Home / Shipping News / Marine Insurance P&I Club News (page 11)

Marine Insurance P&I Club News

Increase in PSC detentions due to defective sewage treatment plant

The Maritime and Port Authority of Singapore (MPA) has issued a circular (no. 5 of 2019) highlighting increase in Port State Control (PSC) detentions experienced by Singapore ships due to defects relating to the ship’s sewage treatment plant. The attached shipping circular provides reference to the following IMO guidelines: 2012 Guidelines on implementation of effluent standards and performance tests for sewage treatment plants. These guidelines would apply to sewage treatment plants installed on or after 1 January 2016 on ships other than passenger ships in all areas, and on passenger ...

Read More »

Owners’ remedies – contractual rights vs reality

The chartering of ships, like any other business, comes with risks that the business counterparts do not honour their obligations to pay. Some owners (including head owners and disponent owners) believe that their position should be relatively secure given the various rights and remedies written in the charterparties in the event of non-payment by charterers, such as the right to hold on to the cargo. It is important to note however that there is a gap between owners’ rights as written in the contract, and how and where they can ...

Read More »

Maritime security update on Fujairah incident

We refer to our alert “Incident at Fujairah anchorage” of 14 May 2019. In a joint press release, OCIMF and INTERTANKO state that the widely reported attack on four tankers at Fujairah anchorage on 12 May 2019 appears to be well-planned and coordinated. They further state that it appears that each ship was attacked by a sub-surface explosive device placed by either a remotely operated vessel or divers. Both these types of delivery method are more likely to happen when ships are near stationary or in a very restricted waterway ...

Read More »

Standard Club Announces Additional Premium Areas

We hereon issue notice of cancellation to amend the War Risks Trading Warranties. The following are to be incorporated in the new list (see Appendix) and will become effective at 00.01 Hours Greenwich Mean Time 1 June 2019: Added: Oman Persian or Arabian Gulf and adjacent waters including the Gulf of Oman west of Longitude 58°E United Arab Emirates Amended: Saudi Arabia (Gulf coast) Saudi Arabia (Red Sea coast) excluding transits Definitions Named Countries shall include their coastal waters up to 12 nautical miles offshore, unless specifically varied above. Named ...

Read More »

Persian Gulf Now Most Risky for Oil Tankers Since Last Iraq War

Not since 2005 have the world’s insurers considered shipping in the Persian Gulf so dangerous for oil tankers. The Joint War Committee of London’s Lloyd’s Market Association said Friday that it would expand its so-called ‘listed areas’ — those regions that pose the greatest risks for shipping, and potentially warranting higher insurance costs — to include the entire Persian Gulf. The last time the entire region held the designation was a period that ended in June 2005 and encompassed the most recent Iraq War. It highlights the growing risks in ...

Read More »

Violations of IMO 2020 Emissions Rules for Shipping Could Hit Insurance Cover

Tougher rules on sulfur emissions from ships will come into effect next year in the biggest shake-up for the oil and shipping industries for decades. United Nations shipping agency the International Maritime Organization (IMO) met in London this week for the only Marine Environment Protection Committee (MEPC) session this year and will fine tune guidance. What will the regulations mean for users and makers of marine fuel? IMO 2020 From January 2020, the IMO will ban ships from using fuels with a sulfur content above 0.5%, compared with 3.5% now. ...

Read More »

Gard works from grass roots to serve a global industry

Gard is known as one of the largest marine insurers in the world – and the market leader with perhaps the most challenging travel route to their headquarters. But as any visitor knows, once in Arendal, Gard’s home since their founding in 1907, the charms more than outweigh the challenges. A quaint but bustling maritime village located 250 kilometres south of Oslo, Arendal was the largest sailing ship port in Europe in the late 1800s, and the most important stopover for ships trading between London and St Petersburg. Not the ...

Read More »

London marine insurers widen Middle East threat zone after ship attacks

London’s marine insurance market has extended the list of waters deemed as high risk to include Oman, the United Arab Emirates and the Gulf after ship attacks off Fujairah, officials said on Friday. The London insurance market’s Joint War Committee issued a statement saying the additions detail areas of perceived enhanced risk for marine insurers and reflect the enhanced regional risk. “The situation will be kept under close review,” the Joint War Committee said. Its guidance is watched closely and influences underwriters’ considerations over insurance premiums. The Joint War Committee, ...

Read More »

Steamship Mutual P&I: Upon renewal total entered tonnage rose to an all-time high of 160 million GT

The Club distributed US$ 21.9 million to mutual renewing members on 20th March 2019. – 2019/20 renewal was the 5th consecutive year of no general increase. – Renewal rates for mutual owned tonnage increased by an average of 2.1% overall. – Upon renewal total entered tonnage rose to an all-time high of 160 million GT. – Increasing levels of claims from Members and from the International Group Pool are reflected in a combined ratio of 116%. – Free Reserves reduced by US$ 27 million before the capital distribution and stood ...

Read More »

GARD: Premiums reduced for tenth year in a row

Following the meeting of the Board of Directors on 14 May 2019, Gard today announced its results for the year ending 20 February 2019. Reporting at a group level, the key financial results are: – A loss after tax of USD 53 million on an Estimated Total Call (ETC) basis – Combined ratio net of 110 per cent on ETC basis – Gross written premium of USD 798 million on ETC basis – The non-technical result was a loss of USD 9 million, including a negative investment return of USD ...

Read More »

London marine insurers to meet after ship attacks in Middle East

London’s marine insurance market will meet on Thursday to assess whether it needs to change the risk level for vessels in the Gulf after an attack on ships off the United Arab Emirates earlier this week, a senior official said on Wednesday. Such a move could lead to an increase in insurance premiums. On Tuesday, armed drones attacked two of Saudi Aramco’s oil pumping stations and forced the state producer to briefly shut its East-West pipeline. The incident came two days after an attack on four oil tankers – two ...

Read More »

GARD: Status report as at 20 February 2019: Review of policy years

The Board of Directors of the parent company, Gard P. & I. (Bermuda) Ltd. (the “Association”), met on 11 and 13 May 2019 in Bermuda and is pleased to report that as at 20 February 2019, and on a consolidated basis, the financial position of the Association remains strong. • On an Estimated Total Call (ETC) basis, the net result before the reduction in the Last Instalment (previously known as the Deferred Call)2 was negative USD 53 million. • Total equity for the Gard group, which provides security and stability ...

Read More »

UK War Risks Club says investigating Fujairah ship sabotage incident

The UK War Risks Club, which provides specialist insurance for ships, is investigating the incidents of sabotage of vessels in Fujairah port over the weekend and has not decided on additional premiums for the region, a company executive said Monday. The club, managed by insurance provider Thomas Miller, is one of the providers of marine Protection and Indemnity or P&I insurance, including additional war risks insurance for incidents like civil war, piracy or other disturbances. Two Saudi oil tankers faced a “sabotage attack” off the coast of Fujairah, UAE, on ...

Read More »

Ukraine revises its ballast water regulations

Ballast water sampling and analyzing in Ukrainian ports for “ecological control” has been an issue for some time. Recent information from our correspondents comes as a ray of hope as far as compliance with ballast water regulation in the country is concerned. The Cabinet of Ministers of Ukraine published the Resolution No 367 dated 27.3.19 which changes the ballast water regulations in ports of Ukraine. The control of segregated ballast in Ukrainian ports has been cancelled and ecological inspectors are no longer permitted to inspect vessels for the purposes of ...

Read More »

Eleni P – Interpreting an Off-Hire Clause

In Eleni Shipping Limited v Transgrain Shipping BV (The Eleni P) [2019] EWHC 910 (Comm) the Commercial Court considered an appeal under section 69 of the Arbitration Act 1996 by Owners of an award in which the Tribunal rejected Owners’ claim for hire to be paid by Charterers during the period for which the vessel was detained by pirates in the Arabian Sea. Facts On 29 April 2010 voyage orders were given by Charterers for the vessel to load a cargo of iron ore from a port in Ukraine for ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping