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Insurance

An Unlikely and Remarkable Safety Journey

(Credit: Gregory Thorp)

Late last year, the Transportation Research Board released a major study that was undertaken “in response to the rapid development of domestic sources of energy and questions about the safest ways to move these products.” The Study Committee examined the operational responses of the three primary modes impacted by the fracking revolution – rail,

DMA: Third Party Liability Insurance Mandatory for Small Vessels

Photo: Danish Maritime Authority

 After new regulation, all speedboats with a hull length below 15 m, personal watercrafts/jet skis and similar vessels must now be covered by a 3. part liability insurance.   Danish Maritime Authority informed that if the vessel does not have insurance coverage, you are not allowed to operate it.    The

U.S. Coast Guard Responds to Collision

Coast Guard marine inspectors and investigators are investigating the cause of the collision and assessing the damage to the Tofteviken’s hull, and to ensure appropriate repairs are completed. Photo Credit: USCG Sector NY

The Coast Guard Sector New York is responding to a report of a collision at sea May 12, 2018, involving the loaded tankship Tofteviken and the commercial fishing vessel Polaris.   Coast Guard marine inspectors and investigators are investigating the cause of the collision and assessing the damage to the Tofteviken’s hull,

Tough Recovery Ahead for Some Box Trades; More Uncertainty in Others

File Image: A CMA CGM boxship / © DonWilson_12

Drewry says that recovering demand recovery in the North America-East Coast South America box trades provides encouragement, but local political conditions bear watching. Elsewhere, reports that Maersk and MSC are reviewing their Iran operations underpins broader political uncertainties that could get in the way.

Partners Look to Tackle Risks of Autonomous Shipping

Photo: Rolls-Royce

As industry efforts to make autonomous shipping a reality continue, Rolls-Royce and AXA Corporate Solutions have signed a letter of intent (LOI) to explore ways in which they can bring a new risk management offering to the marine market.The companies say they seek to utilize Rolls-Royce Ship Intelligence

Skuld Launches Members’ Performance Bonus

Ståle Hansen. Photo: Skuld

 Norway-based  international marine insurance company Skuld announced a positive bottom line result of USD 58 million (USD 51 million in 2016 before members' credit) for its 2017 financial year ending 20 February 2018, as well as a total combined ratio of 97%. Gross earned premium in 2017 amounted to USD 413 million.

Explosion Damages Bulker en Route to Yemen

© Tayfun Nuhlar / MarineTraffic.com

An explosion has damaged a Turkish vessel carrying wheat to Yemen's Houthi-controlled port of Saleef, with varying accounts attributing the incident on Thursday to an unexplained blast aboard the ship or a possible missile strike.A naval ship of a Saudi-led military coalition received a call from the captain of the vessel,

Top Container Shipping Lines Reviewing Iran Operations

(File photo: MSC)

The world's top two container shipping groups Maersk Line and MSC are reviewing their Iran operations after the United States withdrawal from the international nuclear agreement with Tehran.The 2015 agreement, worked out by the United States, five other world powers and Iran, lifted sanctions on Tehran in exchange for limits to its nuclear program.

No Casualties after Aegean Sea Collision

There were no casualties after a Turkish cargo ship collided with a Greek warship in the Aegean Sea early on Friday, Turkey's Ministry of Transport said.   The Greek navy earlier said one its gunboats was nudged by a Turkish cargo vessel while on patrol for unauthorised migrant crossings in the Aegean.

Cyber Incident Response for the Resilient Organization

(File photo: APM Terminals)

Even prior to NotPetya, regulatory bodies, insurers, P&I clubs, port authorities, and other segments of the maritime industry started taking steps to minimize the industry’s exposure to cyberattacks.The maritime industry has had an awakening. We have awoken to the fact that digitalization has woven its threads throughout the industry,

Oil Recovered from Sunken Ship Thorco Cloud

Thorco Cloud - preparing a Moskito for deployment Photo Miko Marine

More than 440 tons of heavy fuel oil was extracted from the tanks of the sunken general cargo vessel Thorco Cloud. The wreck lies in two sections 1,730 meters apart and 70 meters down in the middle of the eastbound traffic lane of the Singapore Strait following a collision in December 2015. The heavy

LPG, Fuel Tankers Collide off Singapore

© Kero / MarineTraffic.com

Two oil products tankers had collided off Singapore coast but the impact of the accident was not immediately clear, industry sources familiar with the matter said on Tuesday.   The tankers were identified as Crystal Sunrise, chartered by Japanese liquefied petroleum gas (LPG) firm Gyxis, and Astro

APL's Eagle GO Service Extended

Logo courtesy APL

 APL today announced the extension of Eagle GO. Guaranteed to its Trans-Atlantic and Oceania services networks. Shippers who opt for the premium offering will be guaranteed equipment and vessel space on board six US-bound services from 17 European ports, and seven services destined for Australia and New Zealand from 15 Asian ports.

IUMI Cautions about Global Marine Insurance

Photo: International Union of Marine Insurance

 Against the backdrop of encouraging global economic growth and an improved outlook for the shipping industry, the International Union of Marine Insurance (IUMI) gives expert opinion on the current state of the hull, cargo and offshore energy insurance markets at its Spring Conference in Hamburg.   The

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