The Britannia Group has a long association with the marine reinsurance market in Bermuda and the donations will help support the work these charities undertake to train and educate young sailors and support local maritime communities. The Britannia Group, the oldest mutual P&I Club, has announced that it has made separate one-off donations of USD75,000 to four charitable organisations based in Bermuda: the Bermuda Maritime Academy, Bermuda Sailors’ Home, Bermuda Sloop Foundation and Endeavour. All the charities support aspiring or more experienced sailors as well as local maritime communities more ...

STS transfers and AIS manipulation As of 24 July 2023, it shall be prohibited to provide access to EU ports and locks for vessels that engage in ship-to-ship (STS) transfers if the competent authority of the EU Member State has reasonable cause to suspect that the vessel is either in breach of the ban on importing seaborne Russian crude oil and petroleum products into the EU, or is transporting Russian crude oil or petroleum products in breach of the relevant price cap. The prohibition applies to all vessels, irrespective of ...

Cargo samples hold significant importance in protecting tanker ship owners against potential cargo claims, necessitating the utmost care in their proper handling. This article delves into some critical aspects related to sampling. Type of sample bottles When it comes to which type of bottles to be used, there are a few considerations to keep in mind. Pure acids or basic cargoes (e.g., sulphuric acid, phosphoric acid, or caustic soda) should be kept in plastic bottles (type HDPE). The reason for this is that such products will deteriorate glass over time ...

Almost halfway into the year, I am happy to share that despite the continued geopolitical tensions and a challenging economic climate, Gard keeps a steady course ahead. We are financially strong and perhaps fitter than ever. Also available in Japanese Given the circumstances, I think we can be quite pleased with how things are developing. Investments have started to improve after a challenging period last year, and our insurance results – remarkably strong in 2022, the best in 15 years – are now reflecting a more normalized claims picture, still ...

Nina Hanevold-Sandvik, VP, Casualty and Major Claims (C&MC), Skuld, has her sights set on a journey of continual improvement. For her, her C&MC colleagues, and indeed the rest of Skuld, it’s crucial to the evolution of the industry that ESG becomes increasingly central within the context of casualty handling – protecting the ocean, assets and all the people connected to them. Minimum standards are never enough, she says, “when there’s an opportunity to do more”. “It was already ratified as far as we were concerned.” A smiling Nina Hanevold-Sandvik, one ...

The latest analysis from international freight insurer, TT Club and business improvement consultants BSI SCREEN, reports dramatic 2022 year-on-year increases in freight crime in Chile with incidents of theft estimated at 27% up on pre-pandemic levels. London, 27th June 2023 The report highlights: A 450% increase in the frequency of insurance claims in 2022 Increased value of claims over same period of 820% Over half of cargo crime incidents involve hijacking Insider threat heightened due to socio-economic factors Most common commodities targeted were electronics (25%) and foodstuffs (20%) TT Club ...

UK Reporting requirements On 4 December 2022, the UK Government issued General Licence INT/2022/2469656 (“GL”) to implement the EU/G7 price cap in respect of Russian origin crude oil, which was amended on 3 February 2023 to implement the separate price cap in respect of petroleum products. Insurers domiciled or operating from the UK (“UK insurers”) who wish to rely upon the GL are required to keep a record of the maritime transportation of Russian origin crude oil or petroleum products from Russia to a third country or from a non-Russian ...

Rapid development of battery technology and the uncertainties created by these developments, particularly concerning safety when the energy packs are being transported require the logistics industry to have a clear understanding of the dangers which can include fire, explosions and toxic gas emissions. Moreover, there needs to be increased efforts to minimise the risks, and if necessary, make sure there is an effective response to any catastrophic event. Alarmist reports in the media can overstate the number of incidents involving electric vehicles. Indeed Peregrine Storrs-Fox, Risk Management Director at insurance ...

Nigeria issues freight tax demands on tanker owners/vessels having called Nigerian ports dating back to 2010. According to advice issued by Intertanko, some tanker members have received demand letters from the Nigerian Inland Revenue Service (FIRS) in relation to alleged sums of freight tax due, owing and payable by owners/vessels that have called at Nigerian ports to load wet cargoes, dating back to 2010. The total liability amounts do not indicate how much freight tax has been calculated per voyage, only per ship, spread out over several years (2010-2019). For ...

KEY POINTS Strong 2023/24 renewal, with a significant year-on-year increase in owned tonnage to 142.0m gt (from 134.7m gt). Chartered tonnage reduced to 51.0m gt giving an overall total entered tonnage of 193m gt Further significant improvement in the underwriting result from previous year, with a combined ratio of 106.6% (down from 116.4%) Overall result for the year was a loss of USD77.8m post tax The net return from the investment portfolio was negative, reflecting the volatility in all investment markets Changes to the Britannia Group structure include the merger ...

The Chair of Steamship Mutual Underwriting Association Limited for 2022/23, Armand Pohan, was quoted as saying: “Just under 90% of the world fleet is insured in the IG,” said Pohan. “This insurance protects not only the shipowners, but also those impacted by a maritime accident. However, the increase in the numbers of vessels trading without the benefit of IG Club cover is a concern, particularly in the tanker sector where the environmental consequences of a casualty can be significant.” Pohan goes on to say: “Entry of a vessel in an ...

At the Board meeting on 10 May 2023, the Board reviewed the policy years for the Association and decided on release calls for the open years. At the Committee meeting 16 June 2023, the Committee made a recommendation to the AGM to close the 2020 policy year. Please see further details on the review of policy years below. Review of Open Policy years Skuld will apply its internal risk model to calculate the risk of deterioration for each policy year. In contrast to Solvency II where the risk horizon is ...

Saudi Arabia wants enhanced maritime security in the crucial Gulf region as part of its rapprochement with long-time rival Iran, Foreign Minister Prince Faisal bin Farhan said on Saturday. Iran and Saudi Arabia agreed in March, in a deal brokered by China, to end a diplomatic rift and reestablish relations following years of hostility that had endangered regional stability including in the Gulf, Yemen, Syria and Lebanon. “I would like to refer to the importance of cooperation between the two countries on regional security, especially the security of maritime navigation… ...

From boarding to berthing – our Bergen based author describes the interaction within the bridge-team and concludes that effective communication is key to safe navigation. I see my next vessel looming on the horizon on the pilot boarding-ground, as the pilot-cutter navigates the choppy waves leaving seaspray running down the windows only to be whisked away by the windshield wipers. What and who is awaiting me as I enter the bridge of this vessel? Will they expect teamwork, or will I have to make all the decisions by myself? I ...

The Swedish Club has announced the appointment of a new Chairman to the Club’s Board of Directors. Peter Claesson, Finance Director at Stena AB will replace Lennart Simonsson, who is stepping down from the Board having served the Club as Chairman for 16 years. The announcement was made at The Swedish Club’s 151st Annual General Meeting (AGM), Thomas Nordberg’s first as Managing Director of the Club. Thomas thanked Lennart for his 25 years of service on the Board and offered his best wishes for the future. Thomas Nordberg’s AGM address ...