Calling it “a silk road to more global trade” IUMI president Dieter Berg has said in this month’s edition of IUMI Eye that, regardless of its long-term outcome, the Belt and Road Initiative in China sent “very strong signals to a global economy threatened by isolationism and protectionism”, adding that “international business based on openness and cooperation can benefit all stakeholders”.
More than 90% of import cargo moves to the US do not have any insurance, according to Steve Fodor, Director at Association For Trade Compliance. Writing in a recent blog, Fodor said that, while cargo insurance costs about 0.5% of a shipment’s value, most importers do not purchase this coverage.
Standard Club has advised its members that the Nautical Institute launched its Ice Navigator Scheme at the beginning of July. The scheme is designed to help meet the demand for properly trained officers with the skills and knowledge to handle a ship in ice.
Netherlands-based oil industry services group SBM (Single Buoy Mooring) Offshore and Spain-based energy firm Repsol will share a $247m (minus legal costs) payment relating to a troubled Norwegian offshore project, SBM said earlier this week.
The World Shipping Council has estimated that there were on average 568 containers lost at sea each year in the period 2008-2016, not counting catastrophic events, and on average a total of 1,582 containers lost at sea each year when catastrophic events were included, meaning that, on average, 64% of containers lost in the past 10 years were the result of a catastrophic event.