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Global marine insurance premiums rise 1%, amid uncertain market development

The International Union of Marine Insurance (IUMI) presented its analysis of the latest marine insurance market trends. Specifically, marine underwriting premiums for 2018 were recorded at USD 28.9 billion, marking a single percentage point growth from 2017. According to IUMI, with significant challenges facing the market, the modest increase is not significant to indicate an upturn in the fortunes of the marine insurance sector.

Cyprus plans to cancel ship initial registration fees

Cyprus plans to abolish ship initial registration fees as part of its efforts to attract competitiveness and attract more ship registrations, Deputy Minister for Shipping Natasa Pilides announced on Friday, during a briefing at the parliamentary committee on transport.

No-deal Brexit to affect UK ports, says UK document

UK Prime Minister Boris Johnson was pressured from the UK Parliament to publish the ‘Yellohammer contingency plan’ which presents the projected impact of a no-deal Brexit on the British economy and transport system. 

G20 growth falls to 0.7% in Q2 of 2019

Growth of real gross domestic product (GDP) in the G20 area reduced to 0.7% in the second quarter of 2019, in comparison to 0.8% in the previous quarter, according to OECD provisional estimates. On the other hand, GDP growth showed a strong increase in South Africa and Korea, to 0.8% and 1.0%, respectively.

Vehicle carrier market faces pressure

As VesselsValue reports, with an estimated USD 775 bn worth of exports in 2018, cars represent the world’s number three exported product by value, trailing only crude oil and refined petroleum oils. Based on this, the vehicle carrier market should be booming, but this is not the case.

New report unveils steps to grow UK maritime businesses

A new report commissioned by trade promotion body Maritime London has set out 36 detailed recommendations to grow the UK’s $6bn – marine insurance, ship broking, legal, finance and classification industries. The report comes in support of the UK Government’s Maritime 2050 Strategy.

DP World to complete merger of Topaz and P&O by end 2019

Dubai-based port operator DP World is expected to complete merger of its P&O Maritime and recently-acquired Topaz Energy and Marine businesses by the end of the year, Topaz CEO Rene Kofod-Olsen said on Monday. DP World bought Dubai-based oil services company Topaz in July.

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