Beazley launches Lloyd’s ESG syndicate

Specialist insurer Beazley has received in-principle approval from Lloyd’s to establish Syndicate 4321, beginning January 1st 2022. The syndicate will focus exclusively on offering additional capacity to businesses that perform well against ESG metrics. It will be led by Will Roscoe, Head of the Market Facilities Division. Syndicate 4321 has been established under the Lloyd’s…

Iranian supertanker leaves Venezuela

In what was reported by Reuters as a probable breach of US sanctions Iran-flagged supertanker on Saturday October 16th was about to set sail from Venezuelan waters carrying 2m barrels of heavy crude provided by Venezuelan state-run oil firm PDVSA, according to documents seen by Reuters and vessel tracking services. The shipment is part of…

South Africa’s Richards Bay bulk terminal declares force majeure

South African monopoly port operator Transnet declared a force majeure on Friday October 15th at its Richards Bay Bulk Terminal following a fire that broke out at the port on Wednesday October 13th. Richards Bay Bulk Terminal is Africa’s largest coal export facility and is located off Richards Bay port – one of seven commercial…

Swedish Club achieved surplus in a tough year: Tysers

Broker Tysers has now released its annual assessment of the P&I Market and, in particular, the International Group Clubs. IMN will be summarizing the individual clubs over the coming days, concluding with a combined summary of the club’s financial performances, conditions, rankings, ratings etc. Today: The Swedish Club Self-managed Gross Tonnage Owned 56,000,000 Chartered 32,000,000…

Draft surveys – a critical tool to defend dry bulk cargo shortage claims

Gard has updated an old article on the benefits of draft surveys, noting that they remained a means of checking that the shipper’s figures inserted in the bill of lading are correct. “The receiver has paid for the quantity stated in the bill and that figure is prima facie or even conclusive evidence that the…

New report brings environmental threat of FSO Safer back into headlines

A research paper released early last week has brought back to public attention the case of the abandoned FSO Safer off Yemen’s Red Sea coast, virtually abandoned since 2015 with a hull that is getting more and more fragile. Negotiations to offload the vessel of its 1.1m barrels of Marib light crude have been continuing…

ECDIS over-reliance and poor bridge resource management led to a vessel grounding

In the latest instalment of American Club’s “Good Catch” initiative, the club reported on an incident of over-reliance on ECDIS and poor Bridge Resource Management (BRM) leading to a vessel grounding. A 500ft vessel was delayed from entering an unfamiliar port shortly before arrival when the expected berth was not available. The Master slowed down…

Philippines losing global market share for sea crews

One apparent impact of Covid-19 has been to highlight the problems inherent in having a global shipping industry that in the past few decades has chosen to focus on only a few countries when it comes to providing its crew members. One of the beneficiaries of this focus was the Philippines, with crew being flown…

Marine accident round-up : 19th October 2021

General cargo ship Fortune (IMO 9160944) was reported to have drifted aground during the afternoon of October 17th on the northern coast of Jibei island, Penghu Islands, Taiwan, in the Taiwan Strait, after suffering an engine failure earlier in the day. The vessel anchored but the anchor dragged and the ship drifted aground. The 14…