marine insurance News

Zombie Ships Are Fast Becoming a Feature of Venezuelan Oil Trade

On Good Friday, an aging supertanker fully laden with oil and calling itself Varada arrived in the waters to the east of Malaysia after a two-month voyage from Venezuela. The vessel raised some red flags: it was 32 years old, …

Sweden Probe Finds No Conclusive Evidence of Deliberate Damage to Subsea Cables

A Swedish probe found no conclusive evidence to suggest that a Chinese ship had deliberately dragged its anchor to damage two Baltic Sea cables, Sweden’s Accident Investigation Authority said on Tuesday, though a separate investigation remains under way. The Yi …

Markel to Acquire UK Specialist Marine MGA, The MECO Group Ltd.

Markel, the insurance operations within Markel Group Inc., announced it has agreed to purchase The MECO Group Ltd. (MECO), subject to regulatory approval. Financial details of the transaction were not disclosed. Founded in 1974, MECO is a leading, independent specialist …

German Court to Review Seizure of Russian ‘Shadow Fleet’ Tanker

A German court will weigh a request to release a seized oil tanker that is believed to be part of a so-called shadow fleet used by Russia to circumvent oil sanctions, Germany’s finance ministry said on Monday. The Panama-flagged vessel, …

Estonia Detains and Boards Russia-Bound Oil Tanker Over Insurance Status

Estonia’s navy stopped and boarded a sanctioned, Russia-bound vessel in the Baltic Sea on Friday over its insurance status and suspicions that the vessel belonged to Moscow’s shadow fleet, which facilitates the illicit trade in Russian oil. The tanker, Kiwala, …

Firm Issued Fake Insurance for Russian Oil Tankers, Norway’s Regulator Says

The insurance issued to dozens of aging oil tankers used by Russia to skirt international sanctions was bogus, according to Norwegian authorities now investigating the small firm behind the forged documents. Norway-registered Romarine AS purported to be an insurance provider …

Global Shipping Insurance May Shift if Sanctions End, BIMCO Says

The global shipping industry should be open to working with a new group of insurers that emerged to support Russia’s so-called shadow fleet, provided they follow best practice, according to a leading maritime group. The new insurers and P&I clubs …

Germany Confiscates Tanker in Russian ‘Shadow Fleet,’ Spiegel Reports

Germany seized a decrepit tanker found adrift off its northern coast in January that is believed to be part of a shadow fleet used by Russia to circumvent oil sanctions, Spiegel news magazine reported on Friday, citing security sources. The …

Small Plastic Pellets Wash Up on UK Shores After Ship Explosions

Small plastic pellets washed up on the east coast of the UK, a week after two ships collided in the country’s waters. Nurdles, which are used to make plastic products and are usually just a few millimeters in size, were …

Four Sailors Involved in Major Singapore Oil Spill Plead Guilty, Straits Times Reports

Four Dutch crew members involved in a ship collision in Singapore have pleaded guilty for their role in the city-state’s worst oil spill in a decade, the Straits Times reported Wednesday. Richard Ouwehand, Martin Hans Sinke, Eric Peijpers, and Merijn …