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Marine Insurance P&I Club News

MEPC-74 Outcome – 2020 Sulphur Update

The IMO Marine Environment Protection Committee (MEPC) held its 74th session from 13 to 17 May 2019. The meeting was significant being the last MEPC session before the global sulphur cap comes into force from 1 January 2020. The MEPC-73 in October 2018 approved guidance on the development of a ship implementation plan for the consistent implementation of the 0.50% sulphur limit under MARPOL Annex VI (MEPC.1/Circ. 878) and reporting of availability of compliant fuel oils in accordance with Regulation 18.1 of MARPOL Annex VI (MEPC.1/Circ.880). During this session, the ...

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North P&I Club Partners with Global Maritime Forum

North P&I Club joins maritime industry leaders in their commitment to shaping the future of the industry by partnering with the Global Maritime Forum. The Global Maritime Forum is a global platform for high-level leaders from the entire maritime spectrum aiming to effect positive long-term change for the industry and for society. The Forum brings together leaders from across the maritime industry together with stakeholders such as regulators, policy makers, NGOs, intergovernmental institutions and academia to create opportunities for collaboration and problem-solving to tackle important issues facing the industry. North’s ...

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American Club Reports Solid Progress During 2018

Members attending the one hundred and second Annual Meeting of the Club in New York yesterday heard that, although the shipping and insurance sectors had continued to experience headwinds in 2018, the American Club had made solid progress in many areas over the previous twelve months, and that 2019 had started on an encouraging note. Tonnage growth during 2018 had been similar to that of the previous year. P&I entries increased by about 8% and those for FD&D by approximately 6%. While year-on-year premium had decreased slightly, renewing business had ...

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West Coast marine operators brace for rising marine insurance rates as China trade war looms

The global maritime industry is bracing for the impact of an escalating trade war. On the West Coast of the United States, ports relying on trade with Asia are expected to see ship calls decrease in the coming months as the impact of tariffs slows the movement of goods. Meanwhile, the global marine insurance market is hardening fast after a decade of low premiums and high capacity. With cost control as critical as ever, the maritime industry must prepare for rising insurance and risk management costs. Impending trade war The ...

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West of England P&I Club looks to the future with a fresh new image

The West of England P&I, a leading A-rated mutual marine insurer, is launching a new brand identity which looks ahead to an exciting future while continuing to adhere to the values and ethos developed over its 150-year heritage. The new branding encompasses a new WEST logo, new offices in the City of London, and an enhanced website. Explaining the background to this rebrand, Tom Bowsher, Global CEO, said: “West of England is proud of its long heritage of service to the shipping industry, but we are a modern, forward-looking business. ...

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North P&I Club Hosts Inaugural Americas Reception In New York

North P&I Club hosted their inaugural Americas reception in New York on Tuesday 18 June which was attended by shipowner members, brokers and representatives from North America. The event was attended by North’s Chairman, Pratap Shirke and Board Directors, Don Kurz (Keystone Shipping Co.), Philip Shapiro (Liberty Maritime Corporation) and Peter Winkley (Algoma Central Corporation) with senior members of North’s Americas team. North opened an office in New York in August 2018 to represent their interests in North America. Ian Duthie (Director – Americas) heads up the Club’s regional operations, ...

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Skuld Online Charter Declarations – improved solution

Skuld’s much appreciated online charter declaration tool has been upgraded to provide a simpler and more user-friendly interface for our clients and brokers. We have listened to our users and focused on creating a simpler and faster solution with fewer clicks and less information that needs to be filled in. As before, the solution is available from the logged-in area on Skuld.com. By handling all charter declarations in this simple overview, clients and brokers will experience a simpler interaction with Skuld and spend less time on emails and follow up. ...

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Ultrasonic testing and leaking hatch covers

Cargo damage due to water ingress through leaking hatch covers remain an important part of cargo claims. Non-weathertight hatch covers are the main cause of wet cargo damage. Therefore, P&I clubs require vessels to always maintain hatch covers in a weathertight condition. It is also the statutory requirement for weathertightness in the International Convention on Load Lines, 1966: “Weathertight in relation to any part of a ship than a door in a bulkhead means that the part is such that water will not penetrate it and so enter the hull ...

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The Swedish Club Closes its 2019 AGM on a High Note

The Swedish Club welcomed members from around the world to its 147th AGM held in Gothenburg last week. More than 250 member representatives and business associates joined the Club to share in the combination of business and Swedish hospitality that makes the Club’s AGM such a unique event. The Guest of Honour this year was Andrew Bardot, attending one of his final events as Executive Officer of the International Group of P&I Clubs (IGP&I). Members were both informed and entertained by hearing his experiences since taking up the role 14 ...

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Global Cargo Theft Intelligence Report for 2018 Issued

TT Club and BSI have issued the second edition of their report on global cargo theft, the first to cover a full year. Highlighted findings include: theft from road vehicles once more accounts for the highest proportion at 84%; Slash and Grab the largest type of cargo theft at 26% globally but with significant regional variations; the combination of food, beverage, alcohol and tobacco making up the most common commodity group at 34% and South America topping the regional analysis of median value for each theft at $77,000 Leading international ...

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Skuld Annual Review and Accounts 2018/19

Continued growth “We will continue our diversification journey as we serve a growing share of the ocean industries community”, says President and CEO Ståle Hansen. Steady as she goes Chairman of the Board, Klaus Kjærulff, says “Shipowners need a strong insurance partner to meet the demands of society and industry for more sustainable operations”. Source: Skuld

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Middle East tanker attacks send ship insurance soaring

The recent spike in attacks on tankers near the Persian Gulf is inflating insurance premiums for ships transiting through the wider Middle East, increasing the cost of transporting oil from the region. Insurance rates for crude oil tankers loading in the Middle East are now up to 20 times higher following the latest attacks. A shipping insurance source said shipowners now have to pay 0.1%-0.4% of the vessel value in insurance, compared with 0.02% prior to the attacks. “Underwriters are terrified it will happen again over the next few days,” ...

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Incident in the Gulf of Oman

While the cause of the incidents that took place in the Gulf of Oman on 13 June 2019 has not been confirmed, all vessels, and tankers in particular, are advised to operate with a heightened level of security in the Gulf of Oman/Strait of Hormuz/Persian Gulf region. On 13 June 2019, two tankers suffered explosion incidents in the Gulf of Oman causing major damage to the vessels. Both vessels have been abandoned by the crew. Some reports indicate that the type and extent of damage experienced by the two vessels ...

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Ukraine: Revising ballast water regulations

Sampling of ballast water and analysing it for ecological control in Ukrainian ports has been an issue for some time. Our local correspondents, Dias Marine Consultancy, have advised us that the control of segregated ballast in Ukrainian ports has been cancelled and ecological inspectors are no longer permitted to inspect vessels for the purpose of “ecological control”, including taking and analysing samples of ballast water. Prior to the new rules, when visible traces of pollution were noticed during de-ballasting, ecologists were permitted to sample and analyse ships’ ballast water and ...

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Loading nickel ore in the Philippines or Indonesia

The mandatory notification requirement for the carriage of nickel ore loaded in Philippines and Indonesia still applies. This important loss prevention initiative was introduced in 2012 and allows early interaction with ship operators and an opportunity to reduce the risks presented by this cargo. Liquefaction of mineral ores, resulting in cargo shift and loss of stability, has been a major cause of marine casualties for many decades and the loading and carriage of nickel ore from Indonesia and the Philippines have been a concern for almost a decade now. In ...

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