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Ship Insurance Costs Soar After Tanker Attacks

© Nightman1965/ Adobe Stock

Insurance costs for ships sailing through the Middle East have increased by at least 10% after attacks on two tankers in the Gulf of Oman on Thursday, with the potential for costs to rise further as regional tensions escalate, ship insurers said.The attacks have already stoked concerns about reduced

Boskalis to Salvage Gulf of Oman Tankers

(Photo: Boskalis)

Dutch marine engineer Boskalis said on Friday it had has been appointed to salvage both tankers that were hit in the Gulf of Oman in a suspected attack.Boskalis said the condition of the Front Altair tanker, carrying a cargo of naphtha, was still worrying, although the fire on the ship had been extinguished on Thursday.

SAFETY: Distractions Can Sink Careers

Randy O’Neill, Senior Vice President with Lancer Insurance Company

Familiarity can and does breed contempt. You don’t need anything else added to that heavy burden.We live and work in a frenetic environment replete with a wide range of both human and technological distractions. When those two elements came together on the bridge of a towboat traveling downriver to pick up a load of empty barges,

Salvage of Sunken Budapest Boat Begins

Divers found a body in the wreckage of a pleasure boat on Wednesday a week after the vessel capsized and sank on the River Danube in Budapest, officials said, as crews prepared for salvage operations.An estimated 28 people died when the Mermaid boat, carrying 33 South Korean tourists and two Hungarian crew,

Shipping Losses Declines by 65%

Image: Allianz Global Corporate & Specialty (AGCS)

The international shipping industry is responsible for around 90% of world trade. There are around 60,000 merchant ships, transporting every kind of cargo.The world fleet is registered in over 150 nations, and manned by over a million seafarers, meaning the safety of vessels is critical. The maritime

OSM Maritime Launches OSM ON

Logo: OSM

Ship management company OSM Maritime has launched a portfolio of ‘industry first services’ with the introduction of OSM ON. The new product will be offered to a customer base that not only includes owners, but also insurance companies, financial institutions and brokers. It utilizes the company’s recently

Japan Oil Industry Braces for Higher Middle East P&I Costs

Image CREDIT: AdobeStock / © Jose Gill

The costs of buying crude oil from the Middle East could rise as war insurance for ships travelling in the region will be expanded to include vessels travelling off the United Arab Emirates and Oman, the head of Japan Petroleum Association said on Friday.Japan is the world's fourth-largest oil importer

West of England P&I Club’s Finances 'Robust'

Logo: West of England P&I Club

West of England P&I Club has announced its results for the year ending 20 February 2019. The Club’s capital has strengthened and remains considerably in excess of the ‘AAA’ capital strength requirement under Standard and Poor’s model.This has been re-affirmed in its financial strength rating of A-,

Grounded Bulker Refloated off Oman

(Photo: Resolve Marine Group)

A bulk cement carrier that ran aground off beaches of Al-Fazayah Beach, Salalah in Oman has been refloated in one piece and without no damage to the environment, said the company behind the salvage operation, Resolve Marine Group.The partially loaded vessel, RAYSUTT II, departed Port of Salalah in May

London Marine Insurers Widen Middle East Threat Zone After Ship Attacks

London's marine insurance market has extended the list of waters deemed as high risk to include Oman, the United Arab Emirates and the Gulf after ship attacks off Fujairah, officials said on Friday.The London insurance market's Joint War Committee issued a statement saying that the additions detail

Risk Management on the Inland Waterways Evolves

Joe Hughes, Chairman & Chief Executive Officer of The American Club

The subchapter M towboat rules, safety management systems, and an emerging culture shift on the inland waterways brings with it a fresh look at how to manage risk. Is it time for P&I clubs to return to brown water? And should inland operators welcome them home?A mass exodus from the inland marine sector

USCG: Houston Ship Channel Moving Inbound Only

An aerial image of the houston Ship Channel and adjacent refining complex (AdobeStock / ©  Irina K

Shipping along the Houston Ship Channel was limited to one-way traffic on Monday after a barge collided with a deep-draft ship that spilled petrochemicals into the waterway over the weekend, officials said.About 9,000 barrels of gasoline spilled into the channel near Bayport, Texas, when a 755-foot

Pipelayer Blast Injures 14

The pipelayer vessel Israfil Huseynov (File Image: © Maxwel / MarineTraffic.com)

An explosion has struck an oil-industry vessel in the Caspian Sea, injuring 14 people, the ship's operator, Italian engineering firm Saipem, said on Thursday.The ship, the Israfil Huseynov, was involved in maintenance work linked to the Shah Deniz II project, part of the Southern Gas Corridor pipeline stretching from Azerbaijan to Europe.

ITIC: Check Wording in CP Agreements

Logo: ITIC

International Transport Intermediaries Club (ITIC) has urged ship brokers and managers to check the terms of their charterparty agreements closely before signing, in order to avoid costly mistakes further down the line.By way of illustration, ITIC cites the case of the manager of a tanker entering West

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