Global marine insurance premiums in 2021 reached $33bn, up 6.4% yoy

The International Union of Marine Insurance (IUMI) has published its IUMI Stats Report for the year. The report notes that 2021 saw a robust macroeconomic recovery, but in 2022 worries about inflation and recession were gathering. Global marine insurance premiums in 2021 reached $33bn, up 6.4% on 2020. Premiums were lifted by increased global trade…

MS Amlin updates on scrap metal cargoes

Nikki Schots, Senior Contractual Loss Prevention Consultant, and Pieter Bruins, Loss Prevention Executive at Amlin, have noted that in the past few years Amlin had experienced an increase in the number of claims caused by fires in scrap metal cargoes. Since the consequences of such fires could be serious, Amlin has decided to publish an…

Venezuelan oil exports exploit fake documents and use ships linked to Iran

Reuters has identified three vessels chartered by little-known companies that exported Venezuelan oil and then used false documents to conceal its origin. It noted that when oil tanker Young Yong sailed into the Chinese port of Qingdao in September last year it had quality certificates for its cargo stating that it was transporting Malaysian crude…

Marine accident round-up : 2nd December 2022

General cargo ship Yu Sheng 788 sank in Fujian Province water in Taiwan Strait on November 30th after being caught in rough weather. Thirteen crew were rescued in challenging conditions by a nearby cargo ship. The Yu Sheng 788 was en route from Xiamen to Shantou. As of November 30th the vessel was stopped off…

Russia seeking shipping insurance recognition to bypass oil price cap

Sanctions against Russia have caused significant insurance problems for any shipowners or charterers carrying Russian oil to anywhere in the world, because the mainly western European insurers responsible for insuring hull, cargo and liability have been hesitant to provide cover. Cognizant of the financial hurdles facing these players in the shipping market, Russia has been…

Cargo ship still stuck near Mykolaiv

The situation of damaged cargo ship Banglar Samriddhi (IMO 9793832), stranded in a Ukrainian Black Sea port since February and subsequently damaged in June, has remained unchanged, and the vessel is now under war coverage by the reinsurer and under satellite observation. Owner and manager Bangladesh Shipping Corp (BSC) had acquired the Banglar Samriddhi, along…

Nigerian pirates return to oil theft after interregnum of kidnappings

Until a few years ago the main concern for carriers passing through the Gulf of Guinea was cargo theft. Then, however, the domestic kidnapping business was well-established within the Nigerian Delta spread outwards to sea. The business model was transferred to the kidnapping of crew, and it followed a fairly well-established pattern of kidnap, outrageous…

Ukraine arranges donation of 60 cargoes of grain to low-income nations

Ukraine’s government has said tat it was organizing an initiative under which Ukrainian grain would be sent to consumers in low-income countries in the Middle East and Africa. There has been criticism of the Black Sea Corridor grain deal that too much of the exported grain was finding its way to the “rich west” rather…

Marine accident round-up : 1st December 2022

A local Bangladesh court issued a release order for cargo ship Zein (IMO 9216822) on November 23rd and the vessel sailed from Chittagong anchorage on November 27th, bound for Port Klang, Malaysia, with an ETA of December 2nd. The vessel’s owner was reported to have settled the suit “amicably”. The ship had arrived on November…

Italian Navy comes to aid of disabled tanker after pirates steal cargo

The Italian Navy was reported to be assisting South Korean product tanker B. Ocean (IMO 9377834) which was robbed and left disabled by pirates last week in the Gulf of Guinea. The tanker had tried to proceed under its own power to Abidjan in Cote d’Ivoire, but it was then established that the tanker required…