The decision by Turkey to ask western insurers to guarantee cover for ships transiting the Bosphorus Strait that were found to have broken sanctions rules has not just caused a bottleneck for Russian tankers; it has also caused a backing-up for Kazakh oil exports. In fact, a majority of the 19 or so tankers stuck…
Russia-linked superyacht will be sold – proceeds will go to Ukraine
In an unusual diplomatic move related to western sanctions against Russia, it has been reported that the 92.5-metre superyacht Royal Romance (IMO 1012268), valued at about $200m pre-sanctions and belonging to Ukrainian-born, pro-Kremlin businessman and political leader, Viktor Medvedchuk will be transferred to the Ukrainian government and sold at an auction overseen by Ukraine’s Asset…
Singapore and Netherlands accept IMO Convention amendments
Singapore and the Netherlands have become the latest countries to accept amendments to the Convention on the International Maritime Organization (IMO) which will expand the size of the Council, extend the term of its Members, and recognize three additional language texts as authentic versions of the Convention. Eng Dih Teo, CEO of the Maritime and…
Ukraine grain exports down 29.6% at to 18.1m tonnes so far in 2022/23
Ukraine has exported just shy of 18.1m tonnes of grain so far in the 2022/23 season, down by 29.6% from the 25.8m tonnes exported by the same stage of the previous season, according to official agriculture ministry data. The volume included more than 6.9m tonnes of wheat, 9.7m tonnes of corn and about 1.5m tonnes…
Dirty bulkers are now being used to carry food crops to Asia
Dirty bulk ships that had been used to carry iron ore are being scrubbed clean so that they can transport grain to Asia. The unusual shift of cargoes has been prompted by a slump in demand for iron ore, a result of the downturn in the Chinese housing market. Freight rates for bulk carriers are…
Russian oil price cap comes into effect – ship queues form
Oil tankers began to queue off the coast of Turkey on Monday, the first day of the West’s price cap on Russian crude, as a result of a conflict between Turkey and the west when it came to insurance documentation. Within 24 hours of the price cap coming into effect, an estimated 19 crude oil…
EU publishes Price Cap Guidance and Q&As
With the last-minute agreement of the $60 oil price cap causing some uncertainties among marine insurers, owners and charterers, the EU has published a guide to the implications of the cap (albeit one whose 19 pages contain a significant number of “it depends” qualifications) and a briefer question & answer article. The price cap –…
Price cap – Japan Club “Request for Attestation”
Noting the introduction of the $60 a barrel price cap, Japan Club has stated that, in accordance with this agreement the Japanese Ministry of Finance on December 5th published a Notice amending the Foreign Exchange Order and Q&A regarding the price cap regime. Japan Club said that “he provision of insurance for vessels transporting crude…
Update on status of Libyan Ports
North of England Club’s Libyan correspondents Gargoum Group Co and Shtewi Legal & Pandi Services have provided a further useful update on port and terminal status in Libya. The correspondents stressed that the only authorized party entitled to issue official information on the status of Libyan ports was the GNMT General National Maritime Co. Currently…
FMC reveals interim process for handling shippers’ complaints
The Federal Maritime Commission (FMC) has introduced interim procedures through which it will review, investigate, and adjudicate complaints filed by shippers to challenge charges imposed by carriers. The FMC noted that, since the enactment of the Ocean Shipping Reform Act of 2022 (OSRA), it had received more than 175 charge complaint filings. The new procedures…