Nordic Shipholding, Danish Shipowner, entered a new sale and purchase memorandum of agreement to dispose Nordic Ruth vessel, which the company didn’t manage to sell, in the past. The chemical/product tanker would be sold for USD 5.8 million.
In the latest revision of the Nordic Marine Insurance Plan, it was agreed to restrict the war risk cover to politically motivated interventions, with state interventions falling outside the war risk cover included in the marine insurance cover. The 2019 revision of the NMIP was approved by all parties and the document was published for use by insurance practitioners. The amendments in the 2019 version vary from small clarifications in clauses to more substantial re-writing of individual clauses.
Norwegian Hull Club published a new version of the Handbook on Loss of Hire Insurance, providing explanations to the Nordic loss of hire conditions. The term “loss of hire insurance” suggests that the assured is insured in general for any incident that causes one or more of his vessels to be demobilised so as to be deprived of income., but the insurance has never been that comprehensive.
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