Political Risk, Credit & Finance

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

• Hijackings and attacks off Nigeria decline in number year on year July 18, 2019
  The number of hijackings and armed attacks in the Gulf of Guinea off Nigeria has dropped year on year, according to figures from International Piracy Reporting Centre, IMB ….
• Hostages taken from Turkish cargo ship off coast of Nigeria July 18, 2019
  Armed pirates took 10 Turkish sailors hostage after attacking general cargo ship Paksoy-1 (IMO 9081992) in the Gulf of Guinea off the coast of Nigeria during the evening of Saturday July 13th ….
• Missing small oil tanker was taken in for repairs, says Iran July 18, 2019
  A small Panamanian-flagged oil products tanker, the Riah (IMO 8816455) that went missing while she was transiting the Strait of Hormuz in the Persian Gulf had suffered technical difficulties …..
• Turkey says fourth research ship will be sent to Cyprus EEZ July 18, 2019
  Turkey Energy Minister Fatih Donmez said on Tuesday July 16th that the country would be sending a fourth ship to the Eastern Mediterranean near Cyprus to conduct seismic research for oil …...
• New UAE laws will protect abandoned sailors July 18, 2019
  The UAE is to introduce new laws that aim to protect abandoned seafarers as part of its draft maritime law, which is set to come into force early in 2020. It will also allow people to ….
• IMO working on practices to reduce amount of lost, abandoned, discarded fishing gear July 17, 2019
  The International Maritime Organization (IMO) is working on best practices to prevent and reduce abandoned, lost or otherwise discarded fishing gear. It noted that "abandoned, lost ….
• Private security guards not encouraged for ships in Persian Gulf July 17, 2019
  Shipping companies sailing through the Middle East Gulf were being urged to avoid having private armed security guards onboard as the risk of escalation in the region rose ….
• MSC deposits $50m to allow cocaine container ship to leave US port July 17, 2019
  After being seized by US Customs and Border Protection on July 4th the US's biggest ever cocaine bust, container ship MSC Gayane (IMO 9770763) is now sailing towards the Netherlands ….
• Panama says it will withdraw its flag from other sanction-violators July 16, 2019
  Panama has said that it would be withdrawing its flag from more vessels that were suspected of violating sanctions and international legislation, the country’s maritime authority …..
• Turkey will continue drilling off Cyprus July 16, 2019
  Turkey's foreign minister Mevlut Cavusoglu has said that the country would continue drilling for gas in waters off Cyprus if the Greek Cypriot government did not accept a cooperation ….