April 2, 2024
The owner of the ship that rammed into a bridge in Baltimore last week, killing six workers and throwing the eastern US transportation network into chaos, is seeking to limit its liability to about $43.7 million. The company, Grace Ocean, …
March 28, 2024
Insurance payouts for Tuesday’s collapse of the Francis Scott Key Bridge in Baltimore could be among the largest ever in marine insurance, according to Lloyd’s of London Chief Executive Officer John Neal. “This has the potential to be one of …
March 27, 2024
The owner of the ship that rammed into a Baltimore bridge could face hundreds of millions of dollars in damage claims after the accident sent vehicles plunging into the water and threw the eastern US transportation network into chaos. But …
March 20, 2024
A tanker from the shadow fleet of ships assembled to carry Russian oil was involved in a collision near Denmark, casting fresh light on the risks vessels with unknown ownership pose to the world’s oceans. The incident, which involved the …
February 21, 2024
Protection and Indemnity (P&I) clubs sought further price improvements at the February 2024 renewals in order to keep up with claims inflation, despite a relatively benign year for P&I claims in 2023, according to a report from AM Best. The …
September 21, 2023
Executive Summary: The International Group of P&I Clubs offers a unique lens into the intricate web of maritime risk that influences both the insurance sector and the maritime industry globally. From this perspective, one thing is abundantly clear: A “new …
August 22, 2023
The price of Russia’s flagship oil may have jumped above a Group of Seven imposed cap but that has done little to impede the provision of western services for the trade. The number of ships calling at the nation’s ports …
April 28, 2023
Key figures in the insurance industry said rising Russian oil prices are making it harder for them to know if they can lawfully cover Russian cargoes. Since December, buyers of Russian crude oil have only been allowed to access financial …
April 21, 2023
An oil tanker company heavily involved in moving Russian oil lost industry standard insurance for its fleet after falling foul of a Group of Seven price cap relating to the transportation of the nation’s barrels. Gatik Ship Management lost so-called …
March 30, 2023
Russia still relies on Western insurers to cover more than half of the tanker fleet that exports its oil, according to data compiled by Bloomberg, and the country’s energy officials are voicing concerns about the situation. The Group of Seven …