Political Risk, Credit & Finance

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

• Release of refugee boat captain upheld by Italian Supreme Court January 22, 2020
  The shift in Italy's official attitude to migrant/refugees arriving by sea was emphasized last Friday when Italy's Supreme Court of Cassation upheld the release of Captain Carola Rackete, ….
• Asian piracy incidents spike around Singapore in 2019, says ReCAAP January 22, 2020
  An 8% increase in sea robbery and piracy-related incidents across Asia in 2019 was particularly focused around the Straits of Singapore, according to the annual report from the Regional ….
• Fishermen kidnapped between Philippines and Malaysia January 22, 2020
  Six gunmen dressed in black suits with masks used a twin-engined grey speedboat to abduct eight crew from a Malaysia-registered fishing trawler on or before January 17th, reported the ….
• Libyan oil company declares force majeure January 22, 2020
  The Libyan National Oil Company (NOC) declared force majeure on oil exports from the ports of Brega, Ras Lanuf, Marsa el Hariga, Zueitina and Es Sider on January 18th, reports ….
• Increase in fines for pollution in Greece January 22, 2020
  Japan Club has reported that, according to A Nassikas Law Firm, from the beginning of 2020 there has been a major increase of fines in the ….
• VLSFO has higher black carbon emissions than HSFO January 21, 2020
  Adjustments made to fuel to ensure that it complies with the IMO 2020 0.50% sulphur cap have resulted in the compliant VLSFO having higher levels of black carbon emissions, according to a ….
• 2050 target for 50% cut in carbon emissions will require $1trn investment: Study January 21, 2020
  New fuel technology investment will cost the shipping industry $1trn by 2050 if the IMO target of a 50% cut in carbon emissions by that date is to be achieved, a study has found ….
• MSA issues guidelines on checking of fuel sulphur regulations January 21, 2020
  The China MSA has issued guidelines on how compliance with the fuel sulphur regulations will be checked and enforced by local authorities. Guidelines for Supervision and Management of ….
• Sanctions have often become “foreign policy tool”, says Salthouse January 20, 2020
  Mike Salthouse, Chair, Sanctions subcommittee for the International Group of P&I Clubs, has said in the Group's annual report that sanctions regimes had become a common feature of ….
• Authorization issued for 90-day wind-down period for contracts with Iran January 20, 2020
  American Club has informed members that, with reference to Club Circular 02/20 of January 10th, which informed Members of the imposition of additional US sanctions against Iran from ….