A group of Western insurers has said a Russian oil price cap has become unenforceable and only pushed more ships into joining a shadow fleet, delivering one of the harshest rebukes to the measure that had been meant to cut revenue to the Kremlin. The G7 group of industrialised nations approved a price cap for Russian oil after Washington lobbied to curb the Kremlin’s revenue amid the war in Ukraine while keeping Russian oil flowing to avoid a an energy price spike. The cap allows Western shippers and insurers to ...

The Shipowners’ Club, the leading P&I insurer in the smaller and specialist vessel sector, is proud to announce the latest developments that have been made to its self-service broker portal, P&I Online. Technology continues to develop at pace, as do the requirements of people, for instant personalised and ever-improving service levels. As such, the Club will always strive to ensure it is constantly adapting to meet the evolving needs of its Membership and their brokers. Since the Club’s P&I Online portal was launched in April 2022, a great response has ...

The UK P&I Club, has announced the launch of its new Safety & Risk Management division. This expanded remit has been developed to provide Members with the breadth of resources and guidance to help them navigate increasingly complex risk environments. The Safety & Risk Management division comprises five key pillars; fleet quality, loss prevention, the environment, crew wellbeing, and industry collaboration. This strategic repositioning reflects the Club’s perspective that identifying risks and proactively mitigating future losses requires a more holistic approach to anticipating and addressing the evolving risks that owners ...

Cybersecurity is vital to the maritime industry, and yet vulnerabilities are increasingly being exploited by criminals. In this article, we share two examples of recent cyberattacks against Gard, as well as our key recommendations to prevent losses. Successful cyber-attacks can have serious consequences, such as operational disruptions, data leakage and financial losses. It is therefore important to raise awareness and improve security measures among maritime stakeholders, including crew members, operators, and service providers. With that in mind, we share our experience with two recent cyber-attacks aimed at Gard’s operations. The ...

Changes to the Russian Oil Price Cap Reference is made to Club Circular E.93 outlining changes to the Russian Oil Price Cap (OPC) scheme (which regulates the transport and insurance of Russian CN 2709 and CN 2710 cargoes) coming into effect as of 19 February 2024 (UK and US) and for cargoes loaded on or after 20 February 2024 (EU). Members are reminded that the two key changes were: •A requirement for attestations to be provided on a per-voyage basis. The attestations provided by shipowners to P&I clubs must be ...

In the recent cases reported to Gard, wind speeds were over 80km/h, i.e. wind force 8+ Beaufort scale, and the majority of the vessels involved were large cruise vessels. Luckily no severe damages or personal injuries were reported, but the incidents still serve as an important reminder of how important it is to ensure safe mooring operations. Broken mooring lines often cause hull damages involving one or more vessels and can also lead to severe port structure damages. Moreover, failure of mooring lines can lead to pollution or other severe ...

Changes to the Oil Price Cap Reference is made to Member Circular no. 18/2023 wherein changes to the Oil Price Cap (OPC) scheme (which regulates the transport and insurance of Russian CN 2709 and CN 2710 cargoes) coming into effect as of 19 February 2024 (UK and US) and for cargoes loaded on or after 20 February 2024 (EU) was described. Members are reminded that the two key changes were: • A requirement for attestations to be provided on a per-voyage basis. The attestations provided by shipowners to P&I clubs ...

On 17 April 2024 OFAC issued General License 44A (GL44A) which permits the wind-down of oil and gas operations in Venezuela until 31 May 2024, including “the production, lifting, sale, and exportation of oil or gas from Venezuela, and provision of related goods and services” and transactions involving the state oil company PdVSA. No new activity previously permitted under General License 44 (GL44) may be entered into and the wind-down period therefore only applies to activity authorised by under GL44 before 17 April. A copy of GL44A can be found ...

Changes to the Oil Price Cap Reference is made to Notice to Members No.19 2023/24 wherein changes to the Oil Price Cap (OPC) scheme (which regulates the transport and insurance of Russian CN 2709 and CN 2710 cargoes) coming into effect as of 19 February 2024 (UK and US) and for cargoes loaded on or after 20 February 2024 (EU) was described. Members are reminded that the two key changes were: A requirement for attestations to be provided on a per-voyage basis. The attestations provided by shipowners to P&I clubs ...

The Singapore Maritime Foundation (SMF) and the International Group of P&I Clubs (IGP&I) on 17 April 2024 signed a Memorandum of Understanding (MOU) to cooperate in the promotion of education and training of marine liability to the Singapore talent pool. Signed during Singapore Maritime Week 2024, the MOU provides a framework to leverage on the unique strengths and value propositions of each respective organisation for the shared goal of providing high-quality maritime education and the development of talent for the maritime industry. As part of the cooperation, SMF and IGP&I ...

A global resurgence Global piracy and armed robbery incidents increased by 4% in 2023 compared to 2022, according to the International Maritime Bureau’s Piracy Reporting Centre (IMB PRC). While this does not appear to be a substantial overall change, a closer look at the figures do reveal some alarming trends. First and foremost, the resurgence of Somali pirate activity raises concern. The IMB PRC, in December 2023, reported the first successful hijacking of a vessel off the coast of Somalia since 2017. During the first three months of 2024, five ...

The Shipowners’ Club, the leading mutual P&I insurer in the smaller and specialist vessel sector, has reported results for the year ended 31 December 2023. The Club delivered a close to breakeven underwriting surplus of US$ 4.1m, with a 2023 combined ratio of 98.4%. Although volatility remained a factor throughout 2023, the financial year saw a much-improved picture for financial markets following the headwinds experienced in all aspects of the investment universe in 2022. The Shipowners’ Club was pleased to report its investment portfolio returned an overall gain of US$ ...

Jan-Hugo – as Special Adviser on Offshore and Energy in Gard, you have been involved with the Lillehammer Energy Claims Conference (LECC) for close to 30 years. Tell me what it is and how it started. The international offshore energy market is small by number of active insurers. It involves high risks, extreme loss exposures and tailor-made solutions. Often several stakeholders are involved in the same casualty and they have different insurance solutions and lead insurers. Between 1985 and 1995 the global energy insurance market peaked and was significantly restructured. ...

Access to safe and clean drinking water to sustain life is one of the most basic human needs; exposure to contaminated water can have serious health implications. Ports play an essential role in the provision of clean drinking water to the maritime industry, contributing to the welfare of the crew and the achievement of sustainable development goals. Ability to access safe wholesome drinking water is a fundamental human right and a critical feature in ensuring the health and welfare of ships’ crews. Although ships take responsibility for maintaining the quality ...

In the recently published Annual Cargo Theft Report 2023 TT Club and BSI SCREEN Intelligence pinpoint high inflation as a primary macroeconomic driver of cargo crime patterns. The rise in food and beverages as a stolen commodity is one such indicator. Increase in Food and Beverages (incl. alcohol) stolen from 16% to 24% of global total Most common mode remains Road at 71% Facilities as a location for theft down from 30% to 23% Top countries include Mexico, USA, South Africa, Germany & Italy Electronics slightly down at 9% of ...