- — The Swedish Club announces General Increase for 2025
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at 11/21/24 3:00pmThe Board of The Swedish Club has announced a 5% General Increase for PI for 2025, and a General Increase of 5% for FDD to reflect the Club’s continued focus on its long-term strength and stability. Speaking at the Board Meeting on Thursday Nov 21st in London, Managing Director Thomas Nordberg said: “As we continue ...- — Electronic (Paperless) Trading: Covantis eBL powered by Secro
- at 11/21/24 3:00pmCircular issued by International Group clubs Members are referred back to circular of 8 December 2023 by which the International Group (the Group) approved the updated version of the Secro Customer and User Agreement, dated 13 November 2023, and the use of an additional Secro standard e-bill subject to English law and the Electronic Trade ...
- — NorthStandard adjusts for conditions ahead with precautionary premiums increase
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at 11/19/24 3:00pmThe return of higher claim volumes during 2024, increased exposure to larger claims, and continuing supply chain volatility have persuaded NorthStandard to adopt a precautionary 5% general increase in its 2025-26 premiums. The announcement comes as NorthStandard forecasts a net combined ratio in excess of 110% for the insurance year ending 20 February 2025, following ... - — West officially opens new Dubai office with launch event
- at 11/18/24 11:00amFollowing West PI’s recent launch event on 04 November at Attiko Dubai, which welcomed Members, brokers, Board Members and important dignitaries, the Club has officially opened its new base in the UAE and is pleased to announce the office is located in Central Park Towers in Dubai’s International Financial Centre (DIFC). The Dubai office marks ...
- — 2025 – Incoming Regulations
- at 11/17/24 3:00pmMembers and owners to take note of new regulations, some of which takes place as early as 1 January 2025. STCW – Electronic Certificates In accordance with the industry support to global digitalisation and as outlined within IMO MSC.107 MSC adopted amendments to the International Convention on Standards of Training, Certification and Watchkeeping for ...
- — Diabetes at sea – what seafarers need to know
- at 11/15/24 3:00pmAccording to the International Diabetes Federation (IDF), an estimated 537 million adults aged 20-79 years are now living with diabetes – more than one in ten of all persons. And by 2030, the number is expected to rise to 643 million. For seafarers, the risk of developing Type 2 diabetes is higher than the rest ...
- — Steamship Mutual: Club Management Update
- at 11/15/24 3:00pmIn May 2025 Gary Field will step down as Head of Underwriting and take on a new role as the Head of Club Development and Member Relationships. Rupert Harris will take over as Chief Underwriting Officer and remain as Head of Reinsurance. He will be working alongside Jerry Westmore (Head of European Underwriting), Sarah Chase ...
- — Maritime Technologies Forum (MTF) publishes Guidelines to develop and implement a safety management system for alternative fuels onboard ships
- at 11/15/24 11:00amThe Maritime Technologies Forum (MTF) is a Group of Flag States and classification societies. Their aim is to bridge the gap between the technology and regulatory processes. With safety in mind, they have developed a set of guidelines to help the maritime industry decarbonise. A thorough review of the International Safety Management (ISM) code Part ...
- — Electronic (Paperless) Trading -‘Covantis eBL powered by Secro’
- at 11/15/24 4:00amMembers are referred back to December 2023 circular by which the International Group (‘the Group’) approved the updated version of the Secro Customer and User Agreement, dated 13th November 2023, and the use of an additional Secro standard e-bill subject to English law and the Electronic Trade Documents Act 2023 (‘the UK Act’), in addition ...
- — Conflicting laycan clauses cost shipbroker US$100,000; ITIC steps in
- at 11/14/24 4:00amA shipbrokers failure to identify conflicting laycan clauses in a voyage charterparty led to a complex dispute and a US$100,000 claim, which ITIC has reimbursed. The case highlighted in ITIC’s recent Claims Review shows the importance of meticulous contract drafting and attention to detail in maritime agreements. Acting as the sole broker, the shipbroker was ...
- — Russian sanctions: Updated Price Cap Coalition Advisory for the maritime industry
- at 11/12/24 4:00amOn 21 October 2024, the Price Cap Coalition (Coalition) issued an Updated Advisory for the Maritime Industry which sets out best practice recommendations for those involved in the trade of Russian origin crude oil and petroleum products. An Initial Advisory was published on 12 October 2023. The updated version provides new recommendations (Nos. 8-11) on ...
- — Wind-assisted propulsion: Charterparty considerations
- at 11/10/24 3:00pmWhile the industry continues its search for fuels that have less GHG emissions, the age-old method of utilising wind to propel ships is starting to come back into use with newer designs and technology. This is certainly a welcome development, but with new equipment comes new risks and responsibilities. If the risks are not adequately ...
- — MLC Amendments to enter into force on 23 December 2024
- at 11/10/24 3:00pmRegulation 1.4 – Recruitment and Placement To provide further protection to seafarers, it is now a requirement that prior to or in the process of their engagement they are told of their rights under the system of financial protection established by private recruitment and placement agencies to compensate seafarers for monetary losses. Regulation 2.5 – ...
- — Onshore Electrical Power: Cold ironing out charter and contractual implications
- at 11/8/24 3:00pmThe maritime industry is required to continue to reduce its GHG emissions. One way to achieve this is to use onshore electrical power (“OSP”), often referred to as cold ironing or alternative marine power. Some larger ocean-going vessels calling at the EU will soon need to be built or retrofitted to exclusively use electrical power ...
- — Skuld Renewal Update 1 policy year 2025/26
- at 11/8/24 11:00amSkulds Board of Directors met in Hamilton, Bermuda, on 5 November 2024 to discuss the upcoming PI renewal for the policy year starting 20 February 2025. The Board noted and agreed the following: The mutual portfolio so far in 2024 reflects a general increase in higher-value claims in the industry compared with the prior year. ...
- — No.11 2024/25 – Class 1 (P&I) and Class 2 (FD&D) Renewals – 2025/2026
- at 11/7/24 3:00pmThe incurred cost of the Club’s own claims for the 2024/25 Policy Year are higher than the positive experience of 2023/24 but remain within the initial forecast. Current Policy Year claims on the International Group Pool have increased after two years of benign experience, with eleven reported claims as at the end of October, with ...
- — Gard offers discount to Mutual Members once again
- at 11/5/24 4:00amThis was announced by Gard’s Board of Directors meeting last week. Gard CEO Rolf Thore Roppestad said: “With this, we continue our streak of returning capital to our membership, providing stability and consistency in a volatile time. We ensure financial robustness and long-term resilience, while at the same time not holding more capital than is ...
- — IMO updates fuel oil sampling guidelines
- at 11/4/24 3:00pmSafety of ships relating to the use of fuel oil The minimum 60 degrees Celsius (°C) flashpoint limit in SOLAS Regulation II-2/4.2.1.1 is not new, but the regulations designed to prevent the supply of oil fuel in breach of this limit are. In November 2022, the IMO MSC 106 adopted amendments to SOLAS requiring bunker ...
- — FuelEU: The impact on vessel sale and purchase contracts
- at 11/3/24 3:00pmSo far, most of the discussion on FuelEU has centred on a vessel’s fuel requirements and how shipowners can reduce their greenhouse gas (GHG) intensity. However, because of the way in which penalties are imposed under FuelEU, the regulations will also have an impact on agreements to buy and sell vessels that have operated in ...
- — The Shipowners’ Club announces its acquisition of Lloyd’s Managing General Agent (MGA), Waterborne
- at 10/31/24 4:00pmThe Shipowners’ Club, the leading PI insurer in the smaller and specialist vessel sector, is pleased to announce its acquisition of Lloyd’s Managing General Agent (MGA), Waterborne. As a mutual organisation, the Shipowners’ Club exists to serve its Membership, seeking to provide the cover that they require and to provide Members’ with a first class ...
- — Protection And Indemnity Clubs Opt For Rate Hikes In 2025
- at 10/30/24 4:00pmSP Global Ratings expects most PI clubs will achieve near-breakeven results in financial year 2025 (ends Feb. 20, 2025). The 12 PI clubs in the IG, which underwrites about 90% of the oceangoing fleets liability insurance globally, benefited from a low level of pool claims over the two past financial years. IG members share claims ...
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