marine insurance News

Reuters: Lloyd’s Register Drops Ships of Top Indian Carrier of Russian Oil

Lloyd’s Register has told India’s Gatik Ship Management, which has become a major carrier of Russian oil since the Ukraine war, that it will withdraw certification of 21 of its vessels by June 3, the maritime services company told Reuters. …

An Oil Tanker Ablaze in South China Sea Is Warning of Global Problem

Off the coast of Malaysia, in one of the world’s busiest shipping channels, an explosion on board the aging oil tanker Pablo ripped off its deck like a sardine can and began a fire that sent dark plumes of smoke …

Venezuela’s Oil Tankers at Risk of Spills, Sinking, Fires, Collisions: Report

More than half of the 22 oil tankers in Venezuela’s fleet are so run down that they should be immediately repaired or taken out of service, according to an internal report from state-run oil company PDVSA that was shared exclusively …

Burning Oil Tanker off Malaysia Rings Alarm Bells About Shadow Fleet

Three crew members are missing from a Gabon-registered tanker that caught fire on Monday in the South China Sea, a Malaysian maritime enforcement agency official said on Tuesday. The Pablo, an Aframax-class crude oil tanker whose insurers are unknown, was …

Tanker Company Shipping Russian Oil Loses Insurance on G-7 Price Cap

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 …

Western Curbs on Russian Oil Products Redraw Global Energy Shipping Patterns

Global fuel suppliers are turning to longer and costlier routes that produce more carbon emissions to move their diesel and other products as Western restrictions on Russian cargoes have reshuffled global energy shipping patterns. As a result of the European …

Gallagher’s Pen Enters Specialist Marine Market With Purchase of Tay River Holdings

Pen Underwriting, the London-based managing general agent and Arthur J. Gallagher subsidiary, announced it has acquired Tay River Holdings Ltd., which include its wholly owned marine specialist subsidiaries Vessel Protect, Trafalgar Marine Trades and BMM Ports & Terminals for an …

UN Maritime Agency Raises Safety Concerns About Shadow Oil Tanker Fleet

A United Nations agency that oversees shipping raised concerns about the shadow fleet of tankers that has emerged to transport oil amid sanctions, calling for more steps to boost safety. States that become aware of ships going dark — or …

Russia Still Uses Western Insurance for Half of Tanker Fleet That Exports Its Oil

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 …

Aging Shadow Fleet, Shipping Russian Oil, Poses Disaster Risk

The oil tanker Turba normally should have been melted down by now. The 26-year-old vessel hasn’t had a full inspection since 2017, according to a database dedicated to promoting safe shipping. It also lacks industry standard insurance and sails under …