A shipowner seeking finance in Hong Kong has a plethora of choices including debt financing from the many international banks with a shipping portfolio, leasing or, in the case of a public company, it may choose to issue shares or bonds.
Likely upcoming remote-controlled vessels and Maritime Autonomous Surface Ships (MASS) will force all members of the maritime sector and maritime nations to cooperate in ensuring a regulatory regime is in place that covers unmanned ships, according to a gathering at the Insurance institute of London (IIL) covered by Insurance Marine News.
Reinsurance companies say they have little to smile about in the wake of the new marine insurance law. This is because the law, contained in Section 20 of the Insurance Act that makes it mandatory for local cargo importers to insure their goods with local insurance companies, has no provision compelling firms to re-insure marine cargo with local reinsurance companies.
New Delhi, Mar 26 (PTI) The apex consumer commission has directed an insurance company to pay over Rs 1.93 crore to a shipping firm for repair of one of its vessels which was damaged while sailing in bad weather.
German reinsurer Hannover Re reported that gross written premiums (GWP) for 2016 in marine within the p&c reinsurance sector declined to €277m, from €297m the previous year, equal to just over 10% of the €2.65bn (2015; €2.92bn) specialty lines book as a whole. Hannover Re’s total GWP was €11.92bn, down from €14.14bn in 2015.
Ship buying is not an easy task, particularly for a person who has no idea about ships. For all people or companies interested to purchase ships, eshiptrading now offers professional ship buying services, which include finding a suitable ship, offering technical consultation and even arranging finances for serious buyers. They offer complete consultation and ship buying services for a person to purchase the best ship by paying the best price.
In anticipation of the advent of autonomous shipping, it is contended that the present fault-based collision liability regimes of most jurisdictions do not sufficiently cater for the situations that may arise.
At the 100th session of the International Maritime Organization’s (IMO) Maritime Safety Committee (MSC) meeting discussions on fuel quality and safety were high on the agenda. Poor fuel quality is a problem which affects many stakeholders in the supply chain.
Shipowners and operators who have not already done so, should undertake risk assessments and incorporate measures to deal with cyber risks in their ship’s safety management systems (SMS) and crew awareness training. While the IMO has given shipowners and managers until 1 January 2021 to incorporate cyber risk into ships’ safety management systems, tanker owners and operators that are subject to vetting under OCIMF’s SIRE Programme have been addressing cyber security risks in their policies and procedures since 1 January 2018.
At the 2018 IUMI conference in Cape Town, the Facts and Figures (F&F) Committee gave its usual update on the macroeconomic environment and shipping market (presented by Donald Harrell, Chair) and the global marine insurance market (presented by Astrid Seltmann, Vice Chair).
Skuld ended the first nine months of the 2018/19 reporting year (as at 20 November) with an improved combined ratio of 101% compared with 104% in the same period last year. The mutual book of business recorded a reduced number of claims in the first nine months, reflecting the high-quality tonnage entered with Skuld.
For the fourth year in succession The Swedish Club has announced a zero per cent general increase for the forthcoming P&I year.
The Directors of the North P&I Club have decided, for the third year in succession, not to declare a premium increase for both protection and indemnity (P&I) cover and freight demurrage and defence (FD&D) cover at the February 2019 renewal, reflecting the Club’s continuing commitment to help its Members deal with challenging trading conditions.