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AM Best Affirms Credit Ratings of COSCO SHIPPING Captive Insurance Co., Ltd.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of COSCO SHIPPING Captive Insurance Co., Ltd. (COSCO SHIPPING Captive) (China). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect COSCO SHIPPING Captive’s balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect the wide range of support the company receives from its parent, China COSCO SHIPPING Corporation Limited ...

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Nord Stream 2 and TurkStream – Update on New US Sanctions

Nord Stream is a system of offshore natural gas pipelines from Russia to Germany. It includes two lines running from Vyborg to Greifswald forming the original Nord Stream (NS1), and two lines running from Ust-Luga to Greifswald termed Nord Stream 2 (NS2). NS1 is owned and operated by Nord Stream AG, whose majority shareholder is the Russian state company Gazprom, and NS2 is owned and will be operated by Nord Stream 2 AG, a wholly owned subsidiary of Gazprom. NS1 was completed on 8 October 2012. Work to lay NS2 ...

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IUMI raises concerns over increased accumulation risk for yachts and inland vessels

The impact of COVID-19 has forced many yacht owners to return their vessels to their home port or to a local yard for maintenance. Whilst this is positive in terms of vessel up-keep, the growing accumulation of high-value yachts in a single location is increasing the risk of a major claim – particularly if hot-work is being performed where many yachts are gathered. Speaking at the International Union of Marine Insurance (IUMI) annual conference, Anneke Kooiman, Chairperson of the Inland Hull, Fishing and Yachts Committee said: “Travel and trade restrictions ...

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COVID-19 is negatively impacting the offshore energy insurance sector, but market is beginning to harden, says IUMI

At today’s session of the IUMI (International Union of Marine Insurance) annual conference, delegates heard that the offshore energy sector was continuing to suffer from a depressed oil price. Reduced demand for oil as a result of COVID-19 has driven down the oil price and resulted in reduced production and an erosion of asset base values. Chair of IUMI’s Offshore Energy Committee, James McDonald, explains: “Within the OECD, 7.8% of oil is used for aviation and that industry has collapsed as a result of coronavirus. Similarly, lockdown measures have encouraged ...

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IUMI publishes initial findings from its major claims database

During this year’s annual International Union of Marine Insurance (IUMI) conference, initial findings from IUMI’s major claims database were made available for the first time. Following three years of development, the database is now sufficiently reliable for IUMI to publish a set of global cargo claims data. Dave Matcham, Chief Executive, International Underwriting Association; and project leader and secretary to IUMI’s Facts & Figures Committee explains: “We began this initiative by establishing and proving the concept three years ago. Since then we have recruited 22 national insurance associations who are ...

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Case Study For Onboard Safety Meeting Importance Of Checking Bdn Before Signing

Please read the below description of an incident. Keeping your company’s standards and vessel procedures in mind while reading to compare with the actions of the crew below. We will discuss the factors which led to the incident occurring and how to avoid it happening on our vessel. Vessel had bunkered a few thousand tons of VLSFO at its last port. A few days after departure, analysis results were sent to the vessel by the testing laboratory and the fuel seemed to be on spec for all ISO 8217, table ...

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IUMI reports a modest improvement in the Ocean Hull insurance sector

Although global hull premiums reported at the International Union of Marine Insurance (IUMI) conference this week were stable, Rama Chandran, Chair of the IUMI Ocean Hull Committee was more upbeat. He said: “Yesterday, our Facts & Figures Committee reported total 2019 global ocean hull premiums of USD 6.9 billion which is a very small increase of 0.2% from last year. However, there have been indications of a more significant market development recently and I am confident that the ocean hull sector is now on an upward trajectory – although the ...

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MARPOL violations trigger increased fines in Ghana

Our local correspondents Budd Ghana report that the local authorities are adopting a stricter approach regarding MARPOL violations stemming from ships calling Ghana’s ports. The club recommends reviewing the guidance as it provides an insight into the current trends of environmental fines imposed by the Ghana Maritime Authority (GMA). A detailed list of the applicable fines depending the particular breach of the regulation and a copy of the advisory is available here. In particular, the port state control authorities have focussed on the discharge of sewage and are reported to ...

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Claiming damages in addition to demurrage following delay

A recent Judgement in the English Commercial Court has brought clarity to whether a Shipowner, faced with a cargo damage claim, following delay by the Charterer to discharge the vessel within laytime, can recover those losses from the Charterer. The case, The Eternal Bliss [2020] EWHC 2373 (Comm), before Mr Justice Baker concerned a Voyage Charter of 70,133MT of soybeans on Norgrain terms and loaded in Brazil for discharge in China. After the vessel arrived in China, she waited at the anchorage for 31 days due to congestion and lack ...

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COVID-19 US civil trial issues

Members are advised that some states within the US have resumed civil trials following COVID-19 related judicial emergencies. Each state is proceeding with the resumption of civil trials in different a manner and a summary of current COVID-19 restrictions affecting federal and state courts is available here. The resumption of civil trials raises critical questions regarding parties’ due process rights in the context of jury selection. Whilst not all civil trials are litigated before a jury and many are indeed litigated before a judge, this is an area which should ...

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IMO 2020: A review of the transition to VLSFOs

In 2019, there were numerous discussions in the marine industry over how the transition to 0.5% fuels would pan out, with concerns about a wide variety of issues. Which predictions were right? To address this question, Gard held a series of webinars in July 2020 for our members and clients where we discussed the technical, compliance related, and legal challenges which owners, crew, and charterers faced when using very low sulphur fuel oil in the first six months of 2020. A video of the webinar presentation and the materials are ...

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People’s Republic of China (PRC): restrictions on vessels making port calls within 14 days of crew changes

Due to the COVID-19 pandemic, many ports in the PRC are implementing strict control measures on vessels which have changed crew overseas within 14 days of arrival at those PRC ports. Some ports are adopting these control measures for vessels having changed crew in the Philippines in particular. Other ports have implemented measures for any vessels having changed crew regardless of where such change took place. These control measures are summarized in the attached Huatai Marine Circular PNI[2020]10, Chinese Ports—Special Epidemic Prevention and Control Measures on Vessels Having Changed Crews ...

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The Shipowners’ Club co-opts Peter Sydenham and Jan Vermeij to its Board of Directors

The Shipowners’ Club, the leading mutual P&I insurer in the smaller and specialist vessel sector, is delighted to announce the appointment of Peter Sydenham and Jan Vermeij to its Board of Directors. The co-option was agreed at the Club’s Board meeting on the 4 September, with effect from the November 2020 meeting. Peter Sydenham brings with him over 40 years of insurance and reinsurance experience, having recently held posts of Managing Director and Leader of Special Lines at International Reinsurer, Swiss Re. Jan Vermeij is Chief Operating Officer at Ultranav ...

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P&I Clubs’ Letter Of Undertaking: Practice In Ukraine

International merchant shipping is undeniably a link for the global economy. Relations in the merchant shipping sphere are regulated not only by national systems of laws and codes, but also by international law, including the use of documents of a recommendatory nature and customs. In the process of transporting goods by sea, incidents are not uncommon, which may subsequently lead to claims and a dispute between the parties to the carriage. Since the ship is a permanent participant in such legal relations, the ship can become the first “hostage” of ...

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West of England P&I establishes long term charity programme to mark 150th anniversary year

West of England P&I Club, a leading insurance provider to the global maritime industry, has today announced the establishment of a long-term charity programme to mark its 150th anniversary year. The Club has made initial commitments to Sailors’ Society, Blue Marine Foundation, and the National Oceanography Centre, and will be continuing to support Symplefsi and Feeding Hong Kong. The commitments represent significant financial contributions that will support the charities’ activities and programmes for 10 years. These causes include the mental wellbeing of seafarers, environmental protection and education. West’s 150th anniversary ...

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