Political Risk, Credit & Finance

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

• Cargo vessel boarded by pirates July 6, 2020
  Cargo vessel Kota Budi (IMO 9638630) was reported boarded by armed pirates off Benin, West Africa. Maritime security consultancy Dryad Global said that five Chinese national crew members .....
• US lifts sanctions on two shipping companies July 6, 2020
  The US has lifted sanctions on Marshall Islands-based Delos Voyager Shipping Ltd and Greece-based Romina Maritime Co Inc. The sanctions had been imposed in June over accusations that ....
• Philippines sets up ‘green lane’ to ensure safe ship crew changes July 6, 2020
  The Philippines government has said that it was establishing a "green lane" that would enable speedy and safe travel for seafarers. The plan would be to facilitate speedy disembarkation ....
• Cluster of Covid-19 cases on MSC container ship July 6, 2020
  Hong Kong and mainland China are looking into a cluster of Covid-19 cases on container ship MSC Flavia (IMO 9467433). A crew change had previously been undertaken in Hong Kong as part of ....
• Yang Ming wants to own more ships to cut chartering costs July 4, 2020
  Taiwan-based shipping line Yang Ming Marine Transport (YM) has said that it wants to increase the proportion of owned capacity in its fleet from the current 30% to 45% in an effort to reduce ....
• Djibouti organizes first crew-change in over a year July 4, 2020
  Djibouti has expedited its first crew change in several months, with 18 Ukrainians and one Russian, who had been sailing on bulk carrier Mirela (IMO 9730218) under a Cypriot flag, being ....
• South Africa takes steps to ease Cape Town congestion July 3, 2020
  Transnet Port Terminals has said that it is taking immediate steps to reduce the operational delays at the Port of Cape Town, which led France-based container shipper CMA CGM earlier this month .....
• Strike at Montreal port terminals July 3, 2020
  Dockworkers at two of the port terminals of Montreal, Canada, were scheduled to stop work for 40 hours beginning July 2nd, with the aim of highlighting the ongoing negotiations between the .....
• Nearly half a million seafarers now waiting to embark/disembark, says ICS July 3, 2020
  There are about 200,000 seafarers waiting to leave their ships and another 200,000 waiting shoreside to replace them, the International Chamber of Shipping (ICS) has claimed ....
• Crew on products tanker off Manila say they have been abandoned July 3, 2020
  Chemical/oil products tanker Celanova (IMO 9268394) and its crew of 15 were reported to be stranded 1nm from the shore of Manila, four months after it was abandoned by its owner. Subsequently ....