Political Risk, Credit & Finance

The latest changes in political risk, credit, finance that effect the marine insurance market.

• Japan sending team to probe Mauritius ship grounding September 21, 2020
  Japan is to send a five-person team to Mauritius to investigate the grounding of the Wakashio (IMO 9337119) off the island's coast, which subsequently led to an environmental crisis ....
• IUMI 2020: Electronics on new yachts now cost more than machinery September 21, 2020
  A typical yacht has a 1-in-1,000 chance of being struck by lightning during its lifetime, significantly greater than the 1-in-70,000 chance for an individual, and when that loss occurs ....
• American Club issues alert on importance of sanctions compliance September 21, 2020
  American P&I Club has issued an alert and a video on the importance of compliance with US sanctions. The company stated that American Club was "in a better position than most to advise ....
• Nord Stream 2 and TurkStream – Update on new US sanctions September 21, 2020
  The International Group of P&I clubs IG) has issued an update on the new US sanctions with reference to NordStream 2 and Turk Stream. Nord Stream is a system of offshore natural gas pipelines ...
• Bay of Campeche piracy warning from JWC September 18, 2020
  The Joint War Committee (JWC) has issued an advisory that notes the increased criminal activity in the Bay of Campeche. Off the Atlantic coast of Mexico. It said that offshore assets were ...
• IUMI 2020: Covid-19 causes offshore survey difficulties; is remote the answer? September 18, 2020
  Two of the speakers at the Offshore Energy Workshop for this year's online Offshore Energy Workshop, moderated by James McDonald, head of energy at Sompo International in London and chair of ....
• New arrest warrant for tanker issued by Indian court September 18, 2020
  An Indian court has issued a second arrest warrant for a marine refuelling tanker owned by UAE-based GP Global after it failed to make payments to the manager of the ship, reports Reuters ....
• Carnival Corp to accelerate ship disposals September 18, 2020
  In a filing with the SEC this week Carnival Corp said that it expected future capacity "to be moderated by the phased re-entry of its ships, the removal of capacity from its fleet and delays ....
• International strain continues over Turkish Eastern Med energy operations September 18, 2020
  Greece’s Prime Minister Kyriakos Mitsotakis said on Wednesday September 16th that he was concerned by Turkey’s decision to extend the operation of its Yavuz energy drill ship Oruc Reis in ....
• China could enforce blank sailing ban September 18, 2020
  China was reported to be considering forbidding ocean carriers to cancel sailings from China in an attempt to blunt the recent spike in transpacific rates, which reached an eight-year reports ....