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Marine Cargo Insurance Market Still Not Profitable

Sean Dalton, IUMI Cargo Committee Chair: “Exposures will continue to increase for the cargo underwriter.” (Photo: IUMI)

Sean Dalton, Chair of the Cargo Committee of the International Union of Marine Insurance (IUMI) has said at the organization’s annual conference in Toronto, Canada, that there has been a 2.5 percent increase in 2018 global premiums to $16.6 billion but that this increase was largely attributable

Hapag-Lloyd Launches Quick Cargo Insurance

Pic: Hapag-Lloyd

German-based global cargo container shipping line, Hapag-Lloyd AG is expanding its digital product portfolio. As one of the first container shipping companies, Hapag-Lloyd is now offering its customers an online marine insurance."Quick Cargo Insurance" provides customers with tailor-made insurance offers around the clock.

ICTSI Unveils Banana Transport Insurance Program

Contecon Guayaquil SA, ICTSI's terminal in Guayas, Ecuador. Image: ICTSI

International Container Terminal Services (ICTSI) Ecuador has launched the first transport insurance program for banana trade.Contecon Guayaquil SA, the Ecuadorian subsidiary of ICTSI, will be providing banana-exporters with a comprehensive insurance program, increasing coverage for the transport. ICTSI

Rescue Planned for Missing Crew on Golden Ray

(Photo: U.S. Coast Guard)

Rescue workers on Monday were planning to extract four missing crew members from a South Korean cargo vessel carrying about 4,000 cars to the Middle East that turned on its side off the coast of Georgia, the U.S. Coast Guard said.Helicopters rescued 20 crew members from the 656-foot (200-meter) Golden Ray on Sunday after it became disabled,

FBI Seeks Evidence in California Boat Fire

Responder battle the blaze on the ill-fated Conception. CREDIT: USCG

Federal and local investigators on Sunday carried out search warrants involving the owners of a diving boat that caught fire off the California coast in the middle of the night last week, killing 34 people.Agents from the FBI, the Bureau of Alcohol, Tobacco and Firearms, the U.S. Coast Guard and the

30 Missing after Indonesian Ferry Catches Fire

Indonesian rescuers searched on Friday for 30 people missing from the blazing wreckage of a ferry off the coast of Java island.The KM Santika Nusantara was traveling between the country's second-largest city of Surabaya and the town of Balikpapan on Borneo island with 277 people on board, when it caught fire on Thursday evening,

INSIGHTS: Noose Tightens Around Iranian Shipping

Grace 1 remains impounded, not because of its flag but because it was suspected of taking oil to Syria in breach of EU sanctions, an allegation that Iran denies. Image Credit: © MarineTraffic.com

Somewhere on its journey from the waters off Iran, around Africa's southern tip and into the Mediterranean, the Grace 1 oil tanker lost the flag under which it sailed and ceased to be registered to Panama. Iran later claimed it as its own.The ship carrying 2 million barrels of Iranian crude was seized by British Royal Marines off Gibraltar,

War Risk Costs Impact UAE Bunkers, Singapore benefits

File Image: AdobeStock / © Seafarer81

Shippers trying to minimise time in the Middle East after oil tanker attacks pushed up insurance costs are scaling back purchases of marine fuels from the United Arab Emirates' (UAE) Fujairah oil hub, trade sources said.Instead, they are turning primarily to Singapore, the world's top refuelling hub,

Big Easy Braces for Barry Flooding; Emergency Declared

file image: AdobeStock / © mode list

New Orleans braced for severe flooding with residents told to hunker down as a growing tropical storm in the U.S. Gulf of Mexico headed for landfall late on Friday or early on Saturday as the first Atlantic hurricane of 2019.U.S. President Donald Trump declared a state of emergency for the state of Louisiana late on Thursday,

U.S. CBP Seizes MSC Gayane following Cocaine Bust

Photo of MCS Gayane moored in Philadelphia after CBP's record cocaine seizure.On June 17, the CBP and Homeland Security Investigations (HSI) led multi-agency team detected anomalies in seven shipping containers and extracted 39,525 pounds of cocaine. The cocaine has a street value of about $1.3 billion. CREDIT: US CBP

U.S. Customs and Border Protection’s (CBP) Area Port of Philadelphia seized the MSC Gayane Thursday following a record seizure of 20 tons of cocaine on June 17.Upon application from the U.S. Attorney’s Office for the Eastern District of Pennsylvania, the United States District Court for the Eastern

USCG Responds to Three Tugboats Sinking

Photo by Petty Officer 3rd Class Alexandria Preston

The Coast Guard is responding to three vessels that sunk on the Illinois River near Hardin, Illinois, Sunday.Watchstanders at Coast Guard Sector Upper Mississippi River received a report Friday of three tugboats and a deck barge that were tied together and began taking on water at mile marker 21 on the Illinois River.

Swedish Club's NextGen Loss Prevention

Lars A. Malm, Director Strategic Business Development & Client Relations. Photo: The Swedish Club

The marine mutual insurer Swedish Club has introduced the next generation of Loss Prevention. It means that shipowners can now be offered real time personalized loss prevention, tailored to their location, and voyage profile.Trade Enabling Loss Prevention (TELP) allows The Swedish Club to use a combination

OP/ED: A Reassessment of the U.S. Marine Salvage Posture

Jim Elliott is President of the American Salvage Association and Chief Operating Officer of the Teichman Group of Companies.

It has been ten years since the U.S. Salvage and Marine Firefighting Regulations were published: Is it time for a reassessment of the U.S. marine salvage posture?In 1982, the National Research Council’s Committee on the National Salvage Posture prepared a study entitled, “Marine Salvage in the United States.

Market in Focus: Tankers

© remipiotrowski/Adobe Stock

NewbuildingSince the beginning of the year, 100 newbuild orders have been placed across the tanker sector. This is a considerable amount lower than the same period last year, when 140 vessels were placed. It is no surprise to see the Greeks lead the way with the highest number and largest vessels ordered,

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