The International Transport Intermediaries Club (ITIC) informed of a claim, highlighting the need for shipping agents to respond promptly to shippers’ requests or encounter financial risks. The case regarded a container of frozen beef carried on a liner service between Australia and China.
As geopolitical tensions mount and threats to shipping rise, Alistair Johnston, Maria Borg Barthet and Richard Pryor of international law firm Campbell Johnston Clark suggest existing marine insurance arrangements may need to be re-evaluated.
Speaking at IUMI’s (International Union of Marine Insurance) annual conference in Toronto, Canada, Sean Dalton, Chair of IUMI’s Cargo Committee reported that the marine cargo market is in a state of ‘accelerating change’, driven by underwriters taking action to address unprofitable results and to improve performance.
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.
Amid an increased discussion surrounding the safe carriage of nickel ore cargoes, the Swedish P&I Club said the mandatory notification requirements for the carriage of nickel ore loaded in Philippines and Indonesia still applies. Nickel ore is a cargo which may liquefy if the moisture content of the material exceeds its TML.
As a result of the increased tension in the Persian Gulf, the War Insurance market has reacted with increased rates for War Insurance cover for transits and port calls in these waters. In this regard, with effect from 29 July 2019, the rate for any call to the Persian Gulf area has been increased from 0,25% to 0,5%.
The trend of the increasing ship sizes has major benefits for maritime transport, but a mega box ship casualty will result in a number of losses and third party liabilities for an owner. In this article, Revecca Vasiliou and Ursula O’Donnell, Divisional Claims Directors at the Standard P&I Club, discuss the major areas of P&I cover that respond to a major mega box ship casualty.
During the 2019 Hellenic American maritime Forum in Athens, Mrs. Elina Souli, Regional Business Development Director, V.P. – FD&D Manager, The American P&I Club, talked about the cost and exposure of P&I incidents, which has increased substantially.
The Strike Club informed that it will continue to provide marine delay insurance for operators in the Straits of Hormuz between the Gulf of Oman and the Persian Gulf. The Club reached this decision, despite rising political tensions in the area and recent attacks on six tankers.
An ongoing tension in the Middle East, in the wake of the recent tanker attacks in Gulf of Oman, has brought major insurance costs for oil tanker owners, who load cargoes from the world’s largest crude-export region. War risk premiums have now surged to at least $185,000 for supertankers.
