During IUMI’s annua conference, the delegates discussed the COVID-19 impact on the offshore energy sector, focusing on the reduced demand for oil.
IUMI’s Rama Chandran, Chair of the IUMI Ocean Hull Committee stated that the hull market continues to suffer from the ever-ageing – and less valuable – fleet coupled with depressed newbuilding prices.
IUMI facilitates the dialogue and raises awareness concerning environmental, social and governance issues within the maritime industry that have direct impact on marine insurers, focusing on the new regulatory requirements related to conflict minerals.
The COVID-19 pandemic has forcefully shown the importance of digitalization and new technologies within the shipping industry, with remote surveys already taking place. Yet, as the industry is now entering the digital world, the challenges are obvious, forcing the maritime sector to rapidly adapt to the smart era.
IUMI published a guidance paper providing an overview of the impact of the COVID-19 pandemic on marine insurers and their clients’ business. The paper focuses on the microeconomic impact, the impact on marine and logistics, as well as on marine insurance industry.
IUMI agreed a Memorandum of Cooperation with the National Insurance Academy (NIA) in Pune, India. The MoC with NIA provides the basis for collaboration between the two organisations in order to promote and expand knowledge and expertise for marine insurers.
During the International Maritime Organization’s (IMO) Sub-Committee on Ship Systems and Equipment (SSE) Gard discussed about containership fires from the insurer’s perspective and the challenge they appear to be for the maritime industry, recommending solutions and technologies that can improve the existent situation.
The container vessel “EM-Oinousses” experienced an engine room fire while it was sailing from Maputo to Mombasa, which the crew was able to put out, but the vessel ended up sailing uncontrollable. A salvage company conducted salvage operations and its helped the crewmembers onboard to safely disembark at the port of Nacala, without any injuries, on January 21.
Cargo fires are not only an environmental concern but also cause large losses leading to severe business disruption and operator’s reputational damage. No matter how we have progressed on tackling with firefighting onboard, it can only take one container to start a fire onboard a large vessel.
The International Union of Marine Insurance (IUMI) has released its 2019 statistical report, presenting a variety of statistical data for the maritime sector and the insurance market, highlighting the global uncertainty in the shipping industry and how this affects trade, the oil and gas industry, as well as the offshore sector.
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- Green Shipping
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- Maritime Health
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