Political Risk, Credit & Finance

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

• Pirates kidnap eight crew members from ship off Cameroon August 19, 2019
  Pirates kidnapped eight crew members of general cargo ship MarMalaita (IMO 9217151) during a raid on August 14th off the coast of Cameroon, Hamburg-based manager MarConsult Schiffahrt ….
• US issues warrant to seize Grace 1 August 19, 2019
  A day after a Gibraltar court ordered the release of tanker Grace 1, the US justice department issued a warrant to seize the tanker, its 2.1m barrels of oil, and nearly a million …..
• South Korean destroyer en route to Gulf of Aden on anti-piracy mission August 19, 2019
  South Korea has sent 4,400 gt destroyer Roks Kang Gam Chan to the Gulf of Aden. It departed Busan Naval Base on the afternoon of August 13th. There was speculation that the ship ….
• Indonesian rules on AIS come into effect August 19, 2019
  Shipowners' Club has reminded Members that, effective August 20th, Indonesia's Ministry of Transportation has made it mandatory for vessels sailing in Indonesian waters to install and …..
• Asia and China dominate the commercial maritime world, UN study finds August 16, 2019
  China and Asia utterly dominate the commercial maritime world, according to a UN report. A 14-year study by the UN Conference on Trade and Development (UNCTAD) ranked 1,249 ports by how …..
• Rome court says migrant ship can enter Italy’s waters, opposing Salvini August 16, 2019
  An administrative court in Rome ruled on Wednesday August 14th that Spanish rescue ship Open Arms, which was carrying around 150 migrants, should be allowed to enter Italian territorial ….
• Panama Canal will not block Venezuela vessels August 16, 2019
  The Panama Canal will continue to permit vessels coming from Venezuela to transit, provided they have the correct paperwork, the head of the Panama Maritime Authority (AMP) Jorge …..
• Gibraltar refutes Iranian release claim re tanker Grace 1 August 15, 2019
  Gibraltar would not yet release an Iranian oil tanker that was seized with the help of Royal Marines on July 4th, an official Gibraltar source said, refuting claims by Iran’s semi-official ….
• Risk zone in Strait of Hormuz temporarily extended August 15, 2019
  The Internationally Bargaining Forum (IBF) has agreed to temporarily extend the risk zone in the Strait of Hormuz. The IBF is comprised of The International Transport Federation (ITF) and ….
• Seafarers on cruise ships had ferries the unhappiest with their jobs August 15, 2019
  The latest Seafarers Happiness Index report, published last week by The Mission to Seafarers, has found that seafarers working onboard cruise ships and ferries ranked among the unhappiest ….