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Attack on ship off India’s west coast can raise war risk premiums as security tightens

India has deployed missile destroyers in the Arabian Sea following the drone attack on a chemicals tanker off its west coast as market participants cautioned Dec. 26 that previously-stable war risk premiums could potentially rise. “So far, the additional war risk premia in the Persian Gulf and the Arabian Sea is stable. It is only in the Gulf of Aden and adjoining region of the Red Sea that costs have gone up,” said a chartering executive with a global commodities trading company. However, if the area of attacks widen, it ...

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West of England: No.16 2023/24 – Class 1 and Class 2 Rules Changes for 2024

Unless stated otherwise, those parts of the 2023 Rules where it is proposed that changes are made are below with the changes marked. A proposed deletion from the 2023 Rules is identified by striking through the text to be deleted. Proposed additions are underlined. All changes are in red. Page headers and page numbering of the Rules will be adjusted once the changes are adopted and prior to publication for the 2024 policy year. A Member entitled to attend and vote is entitled to appoint a proxy (who need not ...

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Threats to vessels in the Red Sea – Important factors for Members to consider

1) Background One of the major threats to maritime security in recent years in the shipping industry has been piracy. This incident threat has decreased over the past a few years. However, during December, there has been an increase in attacks, carried out mainly by members of Yemen’s Houthi rebels against vessels sailing through the Red Sea. These attacks have largely consisted of missile and drone strikes targeting commercial vessels primarily, which the Houthi rebels believe to be destined for and/or have departed from Israeli ports or are vessels owned, ...

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Indian navy to deploy guided missile destroyer ships after strike off its coast

The Indiannavy will deploy guided missile destroyer ships in the Arabian Sea as a deterrent afteran Israel-affiliated merchant vessel was struck off the Indian coast over the weekend. The navy was investigating the nature of the attack on the vessel, MV Chem Pluto, which docked in Mumbai on Monday, and initial reports pointed to a drone attack, a navy statement said. “Further forensic and technical analysis will be required to establish the vector of attack, including type and amount of explosive used,” the statement added. India was committed to keeping ...

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Skuld Renewal Update 2 policy year 2024/25

Key features • Club retention maintained at USD 10 million • Pool maintained at USD 100 million • International Group’s captive, Hydra, utilised as part of the risk retention strategy • Main General Excess of Loss have been renewed with unamended free and unlimited coverage for all risks except Malicious Cyber, Covid-19 and Pandemic • Malicious Cyber, Covid-19 and Pandemic risks have expanded benefit of free and unlimited cover for claims up to USD 650 million excess of USD 100 million, covering almost all Group Clubs’ certificated risks. Excess of ...

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A Review by the Joint War Committee

Following a review by the Joint War Committee, the War Breach areas have been revised adding Guyana, but only calls to offshore installations in the Guyanese EEZ beyond territorial waters and amending Indian Ocean, Gulf of Aden and Southern Red Sea Additional Premium Areas The Directors have decided pursuant to their powers under the Rules that with effect from 00:00 hours GMT 29 December 2023 the following Additional Premium Areas will apply: Listed Areas Africa Benin Cabo Delgado, waters as defined below Eritrea, but only South of 18º N Gulf ...

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New guide for vessels calling at ports in Senegal

The Maritime Anti-Corruption Network (MACN) and the International Group of P&I Clubs have published a joint country guide for vessels calling at Senegalese ports. The purpose of this guide is to increase transparency of port procedures in Senegalese ports by providing an overview of port requirements for vessel clearance. To assist ship operators who continue to be fined for alleged inaccuracies when filing customs declarations at Senegalese ports, the guide gives an overview of the documents that are required by the authorities during the pre-port call, the inwards clearance, and ...

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London marine insurers widen high risk zone in Red Sea as attacks surge

London’s marine insurance market has widened the area in the Red Sea it deems as high risk after a surge in attacks on commercial ships, according to a statement issued on Monday. Guidance from the Joint War Committee (JWC), which comprises syndicate members from the Lloyd’s Market Association (LMA) and representatives from the London insurance company market, is watched closely and influences underwriters’ considerations over insurance premiums. The JWC widened the high risk zone in the Red Sea to 18 degrees north from 15 degrees north previously, the statement said. ...

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Skuld reports positive 2023/24 nine-month result

Skuld is pleased to report a positive result of USD 69 million for the first nine months of the 2023/24 financial year (ending 20 February 2024), an improvement from the half-year result of USD 29 million with positive contributions from both the technical result and a strong investment result in the third quarter. Highlights: Combined ratio of 89% Positive contributions both from mutual and commercial lines of business Expect to exceed USD 500 million in gross premium by year-end The technical result continued the positive development from the half-year, ending ...

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Vessel attacked in Red Sea off Yemen coast, U.S. officials blame Houthis

A Norwegian-owned vessel was attacked in the Red Sea on Monday in a strike that U.S. officials said originated from Yemeni territory controlled by the Iran-aligned Houthi movement. The attack on the M/V Swan Atlantic was the latest in a series on ships sailing the sea since the start of the Gaza war. There was no immediate claim of responsibility but the U.S. officials, who did not want to be identified, told Reuters the vessel was attacked by multiple projectiles launched from Houthi-controlled territory. The owner of the ship said ...

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CSSF calls on governments to restore safe merchant shipping in the Red Sea and Gulf of Aden

The Container Ship Safety Forum e.V. (CSSF) urges governments worldwide to restore safe merchant shipping in international waters of the Red Sea and the Gulf of Aden. The International Community must take all necessary measures immediately to ensure that ships’ crews, assets and cargo remain unharmed when transiting the area. Launched in 2014 and incorporated as a registered association in 2018, the Container Ship Safety Forum e.V. (CSSF) is a global business-to-business network and industry association that is aiming to improve safety performance and management practices in the container shipping ...

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Houthi rebel missile attacks threaten global supply chain crisis at Suez Canal

Missile and drone attacks by Houthi militia on merchant ships passing through the Red Sea and Gulf of Aden could trigger a global supply chain crisis, according to industry analysts. The latest attack came yesterday, Thursday, when a missile was fired at the ‘Maersk Gibraltar’ vessel while en route from Salalah in Oman to Jeddah in Saudi Arabia. The missile did not strike the ship. This follows a string of attacks including missile strikes on a Norwegian flagged vessel in the Bab el-Mandeb Strait and a container ship operating between ...

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ECSA and ETF express deep concerns over recent attacks on commercial vessels in the Red Sea and the Gulf of Aden

European shipowners and seafarers’ unions are deeply concerned by the recent surge in attacks against commercial vessels in the Red Sea area and the Gulf of Aden. The European Community Shipowners’ Associations (ECSA) and the European Transport Workers’ Federation (ETF) call for immediate action to urgently address this alarming situation. The lives and safety of our seafarers are put at risk, with attacks increasing on a daily basis. Seafarers are the beating heart of the shipping industry, and their ability to perform their duties without fear for their safety is ...

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International Chamber of Shipping statement on the Red Sea ship attacks

The Bahamas flagged Galaxy Leader, operated by Japanese company NYK, and owned by British Company Ray Car Carriers was seized by Houthi forces on 19 November. Subsequently there have been an increasing number of attacks against merchant ships. ICS deplores the actions of the Houthis in the strongest terms and calls for the immediate cessation of these attacks. These are unacceptable acts of aggression which threaten the lives of innocent seafarers and the safety of merchant shipping. These attacks are a flagrant breach of international law. States with influence in ...

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Bulk carrier reportedly boarded in eastern Indian Ocean off Yemen -Ambrey

A Malta-flagged, Bulgarian-owned bulk carrier was reportedly boarded on Thursday after being involved in an incident in the Arabian Sea off Yemen’s Socotra Island, British maritime security company Ambrey said in an advisory note. An Iranian-flagged fishing vessel in the area had switched off its AIS transponder six hours before the incident close to where the bulk carrier appeared to come adrift, Ambrey said. “The Iran-flagged fishing vessel had previously been operating offshore Somalia,” Ambrey added. The United Kingdom Maritime Trade Operations (UKMTO) agency also sent an advisory saying it ...

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