The Club is pleased to announce a strong financial performance for the 2023-24 financial year, achieving a 94.5% combined ratio. This is the third year in a row of improvement, a result which represents the Club’s best combined ratio since 2017, and one that is significantly ahead of the recent International Group combined ratio average of 114%. An underwriting surplus of USD 15 million was reported for the 2023-24 financial year. Incurred costs for its own Members’ claims of USD 112 million is on average USD 20 million lower than ...

Skuld is pleased to announce a financial result of USD 126 million for the year ended 20 February 2024, with a positive technical result of USD 60 million. The technical result improved by USD 45 million, resulting in a net combined ratio of 86%. Driven by a strong renewal with increased rates and new vessels entering Skuld during the year, significant premium growth was seen in both mutual and commercial lines of business, contributing to gross earned premiums and calls at USD 527 million. Ståle Hansen, Skuld president and CEO, ...

West P&I Club has announced a strong financial performance for the 2023-24 financial year, achieving a 94.5% combined ratio. This is the third year in a row of improvement, a result which represents the Club’s best combined ratio since 2017, and one that is significantly ahead of the recent International Group combined ratio average of 114%. West reports an underwriting surplus of USD 15 million for the 2023-24 financial year. West’s incurred costs for its own Members’ claims of USD 112 million is on average USD 20 million lower than ...

The Korean shipbuilding industry did not land one single container ship order in the first quarter. Korea’s shipbuilding industry is closing in on China’s market share by 3 percentage points in the first quarter with its “selective ordering” strategy of pursuing high-value-added vessels such as liquefied natural gas (LNG) carriers. But experts point out that it is impossible for Korea to surpass China due to China’s strong shipbuilding competitiveness. “China has a larger shipbuilding capacity than Korea,” the Export-Import Bank of Korea’s Overseas Economic Research Institute analyzed in its recent ...

MaritimeTech startup Vanguard has landed a strategic US$1M seed round to automate the entire insurance underwriting process for maritime operations. Investors in the strategic fundraise include Hafnia, Motion Ventures, Portline and KGJG. Vanguard’s upcoming platform is designed to streamline how underwriters, brokers, and shipping clients interact from start to finish. By automating processes from the initial introduction of a broker to a shipping client all the way through to the underwriter’s final decision, Vanguard intends to eliminate inefficiencies and reduce the insurance risk involved with using different technologies. “Smarter ships ...

In a Memo dated 2 May, 2024, Cefor states that Gard is not the only Nordic marine insurance company to have experienced a significant increase in stern tube-related damage claims in recent years. After the introduction of Environmentally Acceptable Lubricants (EAL) in 2013, the number of reported damages grew rapidly, says Cefor, and adds that this continues to be a source of great concern for its members because there is little evidence that the number of reported incidents is dropping. Stern tube damages can result in loss of propulsion and ...

The global trade in soybeans is dominated by three countries with Brazil and the USA accounting for around 80% of total export market, and China accounting for almost 60% of all soybean imports. Features of this trade associated with the countries of production, pre-shipment transport, and long voyages through various climate zones provide a number of potential opportunities for the condition of cargoes to deteriorate with consequent expensive claims exposure. The period of safe storage for soybeans before deterioration occurs varies according to the temperature of the beans and moisture ...

From now on, all combustion equipment – main and auxiliary engines, oil fired boilers and inert gas generators – onboard of vessels, that are subject to Regulation 14 of MARPOL Annex VI and operating in Mediterranean SECA, must consume fuel oil with sulphur content of 0.10% S m/m or less, unless other approved means of SOx emission control are in place. Until now, most of Ultra Low Sulphur Fuel Oil (ULSFO) has been bunkered in the Baltic and the North Sea SECAs, with Rotterdam being a global leading ULSFO supply ...

The project cargo trade, as with many segments of the shipping industry, experienced a boom during the pandemic owing to the constraints on available tonnage to match demand. This development emphasised the importance of careful stowage of multifaceted cargoes, as contracting parties sought to optimise cargo space on vessels. Whilst market conditions may have changed somewhat, correct stowage remains vital to charterers involved in this trade. Strict compliance with the vessel’s cargo securing manual is essential. Contractual and operational background There are customarily three principal contractual players in the carriage ...

Drug smuggling globally is on the increase. The surge in demand for illegal drugs and the large distances between production centres and the end users often results in the use of merchant vessels to unwittingly provide drug smugglers with access to ports worldwide. The consequences for any Member whose vessel is found to be carrying illegal drugs can prove to be very costly, not only in terms of the direct and indirect financial impact, but also the potential reputational damage, the diversion of management time and resources in response to ...

Please read the below story of an incident. Keep our company’s standards and procedures in mind while reading to compare with the actions of the crew below as we will discuss the factors which led to the incident occurring. A container vessel with a capacity of 4,000 TEU was en route from Shanghai to Los Angeles. The charterer engaged a weather routing service provider that recommended a route passing through the Tsugaru Kaikyo, a narrow waterway between the Honshu and Hokkaido islands in Japan. The advised path then followed a ...

Michael Banning, a fuel specialist at Brookes Bell, has prepared an article summarising the forthcoming changes to ISO 8217 and unveiling important details such as the expansion of the specification from two to four tables, the requirement that the fuel shall be free from Organic Chlorides and many other amendments. Mr. Banning is a Chartered Marine Engineer with extensive experience in the marine industry. He is an active member of ISO TC28/SC4/WG6 Classification and Specification of Marine Fuels amongst other technical committees. Mr.Banning has assisted the industry in improving overall ...

As a component of a net zero emissions strategy, many logistics businesses are exploring alternative modes of transport, including less polluting modes such as rail and inland waterways. While different than other modes, security and safety hazards still exist. Thus, proactive risk mitigation to protect against loss, damage, and theft is required, particularly during transshipment operations. Logistics landscape and security objectives In the realm of logistics on inland waterways, the focal point of risk assessment is understanding and evaluating local infrastructure in the context of security. The objective is to ...

Shipowners should be careful about Environmental, Social, and Governance (ESG) risks when selecting repair or recycling yards. Gard will now offer additional guidance on the topic, aiming to make it easier for owners to identify the most sustainable options. Lately, we have seen an increased public focus on environmental standards as well as working conditions at shipyards all around the world. Media reports have exposed poor health and safety conditions, labor rights violations, and environmental damage at some of these yards, raising concerns about the human rights and sustainability impacts ...

NorthStandard announces the departure of James Bean, a senior executive team member, following his decision to accept a role as Chief Executive Officer of The London P&I Club. NorthStandard will not be replacing him as one of two chiefs of geographical sectors. Steve Cockburn who currently shares the position with James, will now assume sole responsibility. “It is with mixed feelings that we share this news,” said Jeremy Grose, co-Managing Director NorthStandard. “James has played a major part in some of the key developments in the past few years. He ...