Information is key to good decision making and effective underwriting. We can only identify, assess and price risk if we completely understand our environment, its activities and, importantly, its history. Whilst investment companies continue to recite “past performance is no guarantee of future results”, for underwriters, having a firm handle on past performance is a key ingredient to assessing future risk.
Alliance partner Ocean Network Express (ONE) has declared General Average on Hapag-Lloyd containership Yantian Express (IMO 9229831), which suffered a container fire on 3 January in the North Atlantic while en route to Halifax, Nova Scotia. She is now heading for Freeport in the Bahamas under the control of salvors Smit.
Only a fifth of delegates at HFW’s third annual P&I week, held last October at the legal firm’s London offices, felt that their businesses were nearly or fully prepared preparedness for the emergence of Maritime Autonomous Surface Ships (MASS) technology.
Swedish Club has received 28 reports concerning engine room fires over the past 10 years. When compared with other Hull and Machinery (H&M) claims the frequency of engine room fires was low, but the average cost when they did occur was among the highest – averaging $1.85m per occurrence – compared with $320,000 for H&M claims in general.
In response to the introduction of a 0.5% m/m global cap on the sulphur content of fuel oil on January 1st 2020, Britannia Club has published a new Focus: “Prevention Of Pollution From Ships – Emission Standards”.
The first days of 2019 have started with a series of tragic and severe shipping incidents: Oil tanker Aulac Fortune caught fire off Hong Kong after an explosion, freighter Volgo Balt sank off the Turkish coast in heavy weather, six crew members were abducted from the container ship MSC Mandy off Benin, container ship Yantian Express is burning far off the east Canadian coast, MSC Zoe lost nearly 300 containers in rough weather in the North Sea. Anything but a smooth start to the New Year!
Cyber threats are constantly evolving which requires a regular review of all cyber related processes on board ships to allow for successful protection against cyber attacks. We are pleased to announce that today various maritime industry organisations published a revised third version of the “Guidelines on Cyber Security onboard Ships”.