Insurance Journal » shipping http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 14 Jun 2013 19:32:38 +0000 en-US hourly 1 http://wordpress.org/?v=3.5.1 INTTRA to Offer Cargo Insurance Through Ocean Shipping E-Commerce Network http://www.insurancejournal.com/news/international/2013/04/29/290134.htm Mon, 29 Apr 2013 16:36:14 +0000 http://www.insurancejournal.com/?p=290134 INTTRA, a global multi-carrier shipping network for ocean freight, has launched a new member service that enables shippers to purchase cargo insurance from marine insurance specialist, FP Marine Risks, via INTTRA’s e-commerce platform. INTTRA members can elect to purchase cargo …

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]]> Arkansas River Barge Operators Fear Impact of Cuts on Business http://www.insurancejournal.com/news/southcentral/2013/03/19/285145.htm Tue, 19 Mar 2013 16:36:43 +0000 http://www.insurancejournal.com/?p=285145 Businesses that rely on barge traffic on the 440-mile McClellan-Kerr Arkansas River Navigation System to move fertilizer, grain and other commodities are raising concerns about looming federal budget cuts’ effects on shipping. The U.S. Army Corps of Engineers operates locks …

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]]> Mississippi Rock Blasting Puts River in Ship Shape http://www.insurancejournal.com/news/midwest/2013/01/14/277270.htm Mon, 14 Jan 2013 06:01:36 +0000 http://www.insurancejournal.com/?p=277270 Crews have completed the most critical phase of removing bedrock that threatened barges along a crucial stretch of the drought-starved Mississippi River, staving off the shipping industry’s fears that the treacherous channel could close to traffic, the U.S. Army Corps …

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]]> GAC Maritime Security to Provide PirateFence™ Vessel Protection http://www.insurancejournal.com/news/international/2012/11/27/271717.htm Tue, 27 Nov 2012 12:09:25 +0000 http://www.insurancejournal.com/?p=271717 GAC Maritime Security announced that it has entered into a strategic partnership with Mobile Defense Systems LLC “to provide PirateFence™ anti-grapple razor wire to protect vessels from attacks by sea criminals. This marks the latest addition to GAC Maritime Security’s …

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]]> 2-Story Waves on Great Lakes Halt Cargo Shipping http://www.insurancejournal.com/news/midwest/2012/11/01/268766.htm Thu, 01 Nov 2012 16:24:54 +0000 http://www.insurancejournal.com/?p=268766 Cargo shipping was at a standstill on Oct. 30 on the Great Lakes as superstorm Sandy churned waves up to two stories high, forcing crews to take refuge in bays and harbors and raising concerns about an economic blow if …

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]]> EXCLUSIVE – Somali Pirate Kingpins Enjoy ‘Impunity’ Say UN Experts http://www.insurancejournal.com/news/international/2012/07/18/256005.htm Wed, 18 Jul 2012 10:18:54 +0000 http://www.insurancejournal.com/?p=256005 Somalia’s president has shielded a top pirate leader from arrest by issuing him a diplomatic passport, according to a United Nations investigation which criticizes the “climate of impunity” enjoyed by pirate kingpins in Somalia and abroad. The U.N. Monitoring Group …

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]]> South Korea Considering Resuming Iran Oil Imports: Gov’t. Sources http://www.insurancejournal.com/news/international/2012/07/13/255592.htm Fri, 13 Jul 2012 15:36:42 +0000 http://www.insurancejournal.com/?p=255592 South Korea will soon decide on whether to resume Iranian crude imports after Tehran offered to ship and insure the oil to get around the impact of EU sanctions, two Korean government sources said on Friday. The EU oil embargo …

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]]> US Lawmaker Asks Tuvalu to Stop Reflagging Iran Oil Tankers http://www.insurancejournal.com/news/international/2012/07/10/254947.htm Tue, 10 Jul 2012 10:37:10 +0000 http://www.insurancejournal.com/?p=254947 A prominent U.S. lawmaker has asked the small South Pacific island nation of Tuvalu to stop reflagging Iranian oil tankers and warned its government of the risks of running afoul of U.S. sanctions. The European Union banned Iranian oil imports …

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]]> Marine Protection Provider GAC Urges ‘Non-lethal’ Measures for Ship Safety http://www.insurancejournal.com/news/international/2012/06/20/252253.htm Wed, 20 Jun 2012 10:48:21 +0000 http://www.insurancejournal.com/?p=252253 London-based GAC Protective Solutions, a company specializing in providing onboard crew training, pre-voyage preparation and defensive configurations for vessels traveling into high risk areas, has indicated that “non-lethal measures” are the “long-term key to combating sea crime.” GAC’s Group Vice …

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]]> Refueling by EU Shippers May Violate Iran Sanctions http://www.insurancejournal.com/news/international/2012/05/11/247206.htm Fri, 11 May 2012 10:13:41 +0000 http://www.insurancejournal.com/?p=247206 European ship owners could violate impending EU sanctions against Iran without even knowing it every time they set sail, leaving them vulnerable to being blacklisted, the managing director of leading industry group Intertanko said on Friday. Vessels ranging from tankers …

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]]> UK Seeking Delay to EU’s Iran Ship Insurance Ban http://www.insurancejournal.com/news/international/2012/05/09/246854.htm Wed, 09 May 2012 10:30:00 +0000 http://www.insurancejournal.com/?p=246854 The UK is seeking to persuade fellow European Union members to postpone by up to six months a ban on providing insurance for tankers carrying Iranian oil, arguing that it could lead to a damaging spike in oil prices, European …

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]]> Shipping Exec: India’s State Insurers to Provide $50 Million Cover for Iran Oil Buy http://www.insurancejournal.com/news/international/2012/05/01/245454.htm Tue, 01 May 2012 09:37:28 +0000 http://www.insurancejournal.com/?p=245454 Indian state-run insurers have agreed to give limited cover to local ships for carrying Iranian oil, helping the energy-hungry country import reduced volumes from sanctions-hit Tehran from July, a Shipping Corp of India director said on Tuesday. “We have in …

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]]> Lloyd’s Register Withdraws from Iran Due to Sanctions http://www.insurancejournal.com/news/international/2012/04/26/244912.htm Thu, 26 Apr 2012 09:50:33 +0000 http://www.insurancejournal.com/?p=244912 Maritime risk management firm Lloyd’s Register has shut its operations in Iran and can no longer vouch for the safety of the OPEC member’s fleet due to Western sanctions, the head of the company told Reuters. Lloyd’s Register, a classification …

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]]> Willis Marine Market Review Forecasts ‘Another Difficult Year’ http://www.insurancejournal.com/news/international/2012/04/18/243919.htm Wed, 18 Apr 2012 10:20:12 +0000 http://www.insurancejournal.com/?p=243919 After an inauspicious start, 2012 could well be “another difficult and uncertain year for the maritime industry faced with the aftermath of the Costa Concordia, further problems in the euro zone, pirate attacks and increased sanctions,” according to Willis Global …

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]]> Japanese Insurers to Limit Iran Oil Voyages in Mideast Gulf – Sources http://www.insurancejournal.com/news/international/2012/04/13/243245.htm Fri, 13 Apr 2012 08:34:40 +0000 http://www.insurancejournal.com/?p=243245 Japanese insurers are warning ship owners that they will only cover one tanker at a time carrying Iranian crude oil through the Middle East Gulf due to tightening Western sanctions against OPEC’s second biggest producer, industry sources said. The three …

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]]> Japan P&I Club Ship Insurer Sets New Rules on Iran Oil Transport http://www.insurancejournal.com/news/international/2012/04/11/242894.htm Wed, 11 Apr 2012 10:13:40 +0000 http://www.insurancejournal.com/?p=242894 Ship owners covered by Japan P&I club must alert the maritime insurer in advance of any plans to transport Iranian oil and petrochemicals that could fall foul of Western sanctions, the insurer said. The United States and European Union have …

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]]> Melting Arctic May Redraw Global Geopolitical Map http://www.insurancejournal.com/news/international/2012/04/03/241916.htm Tue, 03 Apr 2012 14:51:11 +0000 http://www.insurancejournal.com/?p=241916 This year’s frenzy of oil and gas exploration in newly accessible Arctic waters could be the harbinger of even starker changes to come. If, as many scientists predict, currently inaccessible sea lanes across the top of the world become navigable …

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]]> Iran Oil Costs to Surge with EU Ship Insurance Ban http://www.insurancejournal.com/news/international/2012/03/29/241304.htm Thu, 29 Mar 2012 16:13:16 +0000 http://www.insurancejournal.com/?p=241304 A widely expected ban on European insurance cover for Iranian oil exports from July 1 is threatening to curtail shipments and raise costs for major buyers such as Japan and South Korea, insurance industry sources say. Last week the European …

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]]> Allianz Analyzes Marine Risks – 100 Years after Titanic Disaster http://www.insurancejournal.com/news/international/2012/03/26/240700.htm Mon, 26 Mar 2012 10:17:00 +0000 Charles E. Boyle http://www.insurancejournal.com/?p=240700 Specialist marine insurer Allianz Global Corporate & Specialty (AGCS) has taken an in depth look at the current state of marine insurance 100 years after the sinking of the Titanic. That legendary disaster led to improved safety requirements for ocean …

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]]> EU Agrees to Some Iran Oil Insurance Exemptions – Until July http://www.insurancejournal.com/news/international/2012/03/23/240535.htm Fri, 23 Mar 2012 11:00:50 +0000 http://www.insurancejournal.com/?p=240535 The European Union will allow some insurance on Iranian oil shipments before its full embargo starts on July 1, member states agreed on Thursday, responding to concerns from Asian importers heavily reliant on the EU for their coverage. The decision, …

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]]> EU Fails to Agree on Exemptions for Iran Oil Transport Insurance http://www.insurancejournal.com/news/international/2012/03/20/240076.htm Tue, 20 Mar 2012 14:33:36 +0000 http://www.insurancejournal.com/?p=240076 European Union diplomats on Tuesday postponed a decision on whether to grant any exemptions to insurance provided for Iranian crude shipments when the bloc implements oil sanctions on Iran, an EU diplomat said. Asian oil importers have lobbied European governments …

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]]> Japan Refiners Eye Force Majeure Clauses Due to Lack of Insurance http://www.insurancejournal.com/news/international/2012/03/02/237843.htm Fri, 02 Mar 2012 13:37:37 +0000 http://www.insurancejournal.com/?p=237843 Japanese buyers of Iran crude may ask Tehran to include a force majeure clause in contracts if they are unable to pay Iran or lift Iranian oil due to lack of insurance cover for tankers under European Union sanctions, industry …

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]]> Arctic Ice Melt Lifts Hopes for Russian Maritime Trade http://www.insurancejournal.com/news/international/2012/01/27/233056.htm Fri, 27 Jan 2012 18:52:29 +0000 http://www.insurancejournal.com/?p=233056 When severe snowstorms prevented life-sustaining fuel supplies from reaching the frozen Alaskan town of Nome, U.S. officials turned to a Russian company for help. The relief mission through perilous, ice-choked seas was the first mid-winter fuel delivery to western Alaska, …

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]]> Steamship Mutual Sets 5% Premium Increase for 2012 http://www.insurancejournal.com/news/international/2011/11/03/222650.htm Thu, 03 Nov 2011 11:26:08 +0000 http://www.insurancejournal.com/?p=222650 The Directors of the London-based Steamship Mutual P&I Club “recently reviewed the Club’s open policy years, as well as claims in earlier years, and considered the premium ratings required for the 2012 policy year,” said  an announcement from the Club. …

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]]> Marine Insurers Backing Armed Guards as Piracy Threat Grows http://www.insurancejournal.com/news/international/2011/09/20/216642.htm Tue, 20 Sep 2011 16:15:22 +0000 http://www.insurancejournal.com/?p=216642 More ship insurers are backing the use of private armed guards on merchant vessels at sea to combat Somali piracy as attacks and the resulting costs are set to rise in coming weeks, industry officials said on Tuesday. Pirate attacks …

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]]> Marine Insurers Add Benin to Risk List after Attacks http://www.insurancejournal.com/news/international/2011/08/08/209824.htm Mon, 08 Aug 2011 12:51:26 +0000 http://www.insurancejournal.com/?p=209824 London’s marine insurance market has added Benin to a list of areas deemed high risk due to an escalation of pirate attacks in the area, a senior official said. Pirates attacked two Panamanian-flagged tankers carrying oil off the coast of …

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]]> Somali Pirates Secrets Revealed in New Book http://www.insurancejournal.com/news/international/2011/07/19/207100.htm Tue, 19 Jul 2011 17:32:21 +0000 http://www.insurancejournal.com/?p=207100 The pirates were nervous. A rookie author – a white man from Canada – had unexpectedly arrived in their cliff-top Somali village to ask about the captured ship anchored offshore. Locals fearing a showdown quietly melted away into a small …

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]]> Container Shipper Suspends Some Iran Operations over Sanctions http://www.insurancejournal.com/news/international/2011/06/30/204674.htm Thu, 30 Jun 2011 18:21:15 +0000 http://www.insurancejournal.com/?p=204674 The world’s largest container firm suspended operations at several Iranian ports on Thursday, potentially disrupting critical food shipments as it complies with tightening U.S. sanctions. Maersk line, a unit of A.P. Moller-Maersk , manages several refrigerated ships and container vessels …

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]]> Report Says South China Sea Disputes Could Lead to Asian War http://www.insurancejournal.com/news/international/2011/06/28/204326.htm Tue, 28 Jun 2011 18:01:54 +0000 http://www.insurancejournal.com/?p=204326 Risks are growing that incidents at sea involving China could lead to war in Asia, potentially drawing in the United States and other powers, an Australian think tank warned on Tuesday. The Lowy Institute said in a report that the …

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]]> Best Affirms Ratings of Marine TT Clubs in Bermuda and UK http://www.insurancejournal.com/news/international/2011/06/20/203258.htm Mon, 20 Jun 2011 16:48:40 +0000 http://www.insurancejournal.com/?p=203258 A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of ‘A’- (Excellent) and the issuer credit ratings of “a-” of Bermuda-based Through Transport Mutual Insurance Association Limited (TTB) and its subsidiary, the UK-based TT Club Mutual …

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