International Group of P&I Clubs News

Container Ship Could Block Suez Canal Like a ‘Beached Whale’ for Weeks

ISMAILIA, Egypt – A huge container ship blocking the Suez Canal like a “beached whale” may take weeks to free, the salvage company said, as officials stopped all ships entering the channel on Thursday in a new setback for global …

Insurers of Container Ship Aground in Suez Canal Face Millions in Claims

LONDON – The owner and insurers of one of the world’s largest container ships stuck in the Suez Canal face claims totalling millions of dollars even if the ship is refloated quickly, industry sources said on Wednesday. The 400-meter, 224,000-tonne …

Citing U.S. Sanctions, Insurers Won’t Cover Ships For Russia, Turkey Pipelines Projects

The world’s largest group of shipping insurers will not insure vessels involved in the Russian-led Nord Stream 2 and TurkStream gas pipeline projects because of the threat of U.S. sanctions. Associations belonging to the International Group of P&I Clubs, including …

U.S. Sanctions Likely to Ban Use of Lloyd’s IT Platform for Processing Iran Insurance

New U.S. sanctions are likely to prevent the use of a Lloyd’s of London IT platform for any Iran insurance, adding to difficulties for European insurers providing cover for the country. European insurers, reinsurers, brokers and shipping firms have been …

Oil Shippers Face Insurance Uncertainty with Return of U.S. Sanctions on Iran

Oil tanker owners are facing a nervous wait to find out whether they can carry on doing business with Iran after President Trump said on Tuesday he was reinstating a raft of sanctions against the Persian Gulf country. The return …

Compensation for Iran Tanker Accident Could Be Complicated by U.S. Sanctions

The reluctance of foreign banks to deal with Iran could complicate any compensation payments resulting from the collision last week of an Iranian oil tanker and a Chinese cargo ship, sources say. The tanker Sanchi, carrying 136,000 tonnes of highly …

UK P&I Clubs Consider Opening EU Outposts in Preparation for Brexit

U.K.-regulated ship insurers are preparing plans to open new outposts in European Union jurisdictions such as Luxembourg and Cyprus, fearing that Brexit will hinder access to the EU’s financial market, industry sources involved say. Britain dominates the global marine insurance …

Global Marine Insurers Develop Coverage Options for Iran Oil Exports

Global shipping insurers have devised a way to ensure nearly full coverage for Iranian oil exports from next month after striking a deal to provide cover without involving U.S.-domiciled reinsurers, officials in Tokyo and London said. Restrictions on U.S. firms …

Hong Kong-Based Latitude Brokers Launches P&I Club Comparison Tool

Latitude Brokers, the Asia-based marine insurance specialist, has launched PILOT, an online protection & indemnity (P&I) club comparison tool. In time for the 2017 P&I renewal season, PILOT distills critical information for each club in the International Group (IG) “into …

India’s Biggest Shipping Firm Resumes Iran Oil Transport with Insurance in Place

Shipping Corporation of India (SCI) will resume sailing to Iran this month after a four-year gap, transporting an oil cargo for a state-run refiner, the chairman of India’s biggest shipping company said on Tuesday. SCI stopped sailing to Iran in …