Insurance

  • [Updated] E.U. Approves Shell's Acquisition

    Royal Dutch Shell gained E.U. approval on Wednesday for its $58 billion acquisition of Britain's BG Group, the second of four key markets needed to clear the deal, but faced a slight delay in securing a decision in Australia.

  • Samsung Gobbles Competitors

    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.

  • Vessel Security and Maritime Insurance

    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.

  • India Grants Extension to Iranian Ship Insurers

    India has extended approval to two Iranian insurers to cover container and tanker vessels calling at Indian ports by a year to June 25, a government notification said, in a move that will aid oil imports from Tehran.

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Chinese capital eyes global maritime hub

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.

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Hong Kong's Maritime Industry in Cross Road

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.

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Marine insurance: recovering from insured after frustration of subrogation right

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.

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NITC: Shipping Insurance Hurdles “Almost Resolved”

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.

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