South Korean mid-tier shipbuilder ShinaSB is up for sale again, after a previous sale attempt fell through.
By Roger L. Tomberlin
Today, the international community fails to realize that sea piracy still has not been eliminated. Not only has piracy never been eradicated, but the number of pirate and terrorist attacks on ships has tripled in the past decade alone elevating piracy to its highest level in history.
Insurers warn consumers to be careful during their celebrations. July fourth is approaching and many people throughout the United States are preparing to celebrate the occasion.
The National Boat Owners Association (NBOA) and Ironshore Indemnity Inc. have collaborated to create the Ironshore Premier Watercraft Policy which will be available to boat owners nationwide effective July 2015.
Worried by the continuous domination of the Nigerian generated seaborne trade by foreign vessel owners, which results to huge capital flight estimated at N1.5 trillion annually, maritime industry analysts are pushing for favourable policy direction from the Muhammadu Buhari-led administration that would help in growing local participation in the nation’s shipping business.
Companies whose operations rely on programmable control systems, which could include ships and offshore structures in the maritime industry, are increasingly becoming a target for cyber threats.
As a leading provider of liability, property and cargo insurance to the global freight industry, TT Club has long championed a variety of measures designed to increase safety throughout the container supply chain. In Rotterdam last week, Kevin King, the Club’s Regional Director EMEA took the opportunity to address an audience of container operators, port and terminal executives and logistics professionals to highlight the crucial importance of an under lying principle of best practice, which would improve the industry’s safety record.
A new maritime and dispute resolution consultancy named LWP.Sg Consultants has been established in Singapore by Lee Wai Pong, former executive director of the Singapore Chamber of Maritime Arbitration (SCMA).
A large-sized state-run company from China has joined the contest to acquire the Baltic Exchange, the international hub of cargo shipping and trade of merchant vessels. Based in the U.K., the 272-year-old venue for futures exchange announces the Baltic Dry Index (BDI), the benchmark of trading of maritime markets. Analysts say that China, which is militarily pursuing to be a maritime powerhouse, is seeking to occupy the center of operation of the world’s merchant vessels.
While Tehran is determined to regain oil market share it lost under sanctions regime, existing challenges over covering the insurance risks of tankers carrying Iran’s oil cargos has cast doubts over the Islamic Republic’s plans to boom its oil exports.
The total port cargo throughput of Hong Kong has seen a sharp decrease of 13.8% in 2015, amounting to 256.6 million tonnes, according to the Hong Kong Census and Statistics Department. It is the biggest year-on-year drop in the past 10 years.
The principle of subrogation – now a universally recognised component in almost every insurance contract – is where an insurer, having indemnified an insured, acquires all the rights and remedies of the insured with respect to the subject matter of the damage. In Nigeria, it has gained statutory recognition under the Marine Insurance Act(1) and other laws.
Iran is still facing hurdles to provide maritime insurance for its tanker fleet, but the difficulties are “almost settled” on the back of months-long efforts of National Iranian Tanker Company and the Foreign Ministry, NITC executive director said.