Cunningham Lindsey has namedDenise Long vice president of Catastrophe Operations andMichael Bruce as director of Flood Operations.
Samsung Heavy Industries has signed a deal to take over management of financially troubled Sungdong Shipbuilding & Marine Engineering. The agreement is for four years with an option for three additional years. Samsung will take over Sungdong’s purchases, sales, production and technology while Korea Eximbank will operate the shipyard’s finances, human resources and labor management divisions.
China’s Shandong Huahai Shipbuilding has started a restructuring process in an attempt to clear its debts, and a first creditors’ meeting is scheduled on 29 October, reports said.
By Roger L. Tomberlin
Today, the international community fails to realize that sea piracy still has not been eliminated. Not only has piracy never been eradicated, but the number of pirate and terrorist attacks on ships has tripled in the past decade alone elevating piracy to its highest level in history.
Insurers warn consumers to be careful during their celebrations. July fourth is approaching and many people throughout the United States are preparing to celebrate the occasion.
The National Boat Owners Association (NBOA) and Ironshore Indemnity Inc. have collaborated to create the Ironshore Premier Watercraft Policy which will be available to boat owners nationwide effective July 2015.
A large-sized state-run company from China has joined the contest to acquire the Baltic Exchange, the international hub of cargo shipping and trade of merchant vessels. Based in the U.K., the 272-year-old venue for futures exchange announces the Baltic Dry Index (BDI), the benchmark of trading of maritime markets. Analysts say that China, which is militarily pursuing to be a maritime powerhouse, is seeking to occupy the center of operation of the world’s merchant vessels.
While Tehran is determined to regain oil market share it lost under sanctions regime, existing challenges over covering the insurance risks of tankers carrying Iran’s oil cargos has cast doubts over the Islamic Republic’s plans to boom its oil exports.
The total port cargo throughput of Hong Kong has seen a sharp decrease of 13.8% in 2015, amounting to 256.6 million tonnes, according to the Hong Kong Census and Statistics Department. It is the biggest year-on-year drop in the past 10 years.
The principle of subrogation – now a universally recognised component in almost every insurance contract – is where an insurer, having indemnified an insured, acquires all the rights and remedies of the insured with respect to the subject matter of the damage. In Nigeria, it has gained statutory recognition under the Marine Insurance Act(1) and other laws.
Iran is still facing hurdles to provide maritime insurance for its tanker fleet, but the difficulties are “almost settled” on the back of months-long efforts of National Iranian Tanker Company and the Foreign Ministry, NITC executive director said.