Political Risk, Credit & Finance

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

• Port strike, general strike, in Barcelona October 21, 2019
  Standard Club said that it had been informed by its correspondent that there would be no port activity at Barcelona on October 18th due to the dock workers joining the general strike ….
• MSC joins trend to decline Northern Route October 21, 2019
  The Mediterranean Shipping Company (MSC), the world’s second-biggest container shipping line, will not use the Arctic as a short cut between northern Europe and Asia. It said ….
• New EO against Turkey currently has limited remit October 21, 2019
  On October 14th President Trump issued a new Executive Order (EO) that blocks the property of certain persons contributing to the current situation in Syria. To date, three individuals ….
• Tramps could face biggest difficulty in complying with IMO 2020, says ICS October 21, 2019
  Itinerant merchant vessels (tramps) in certain geographic areas could face the biggest problems when it comes to complying with the January 1st 2020 introduction of a 0.50% sulphur …..
• UKCS welcomes push for a Brexit deal October 21, 2019
  The UK Chamber of Shipping gave a positive reaction to the news that EU and UK negotiators had agreed a new Brexit deal. The agreement was announced last Thursday, but was …..
• Gulf of Guinea still the pirate hot spot October 18, 2019
  Maritime piracy incidents fell year on year for the first nine months of 2019, with the Gulf of Guinea remaining the current piracy hot spot, according to the International ….
• Italy permits French migrant rescue ship to dock in Taranto October 18, 2019
  Charity rescue ship Ocean Viking was heading towards the southern Italian port of Taranto on Tuesday after the new Italian administration authorized the vessel to bring …..
• IBM joins autonomous Atlantic crossing consortium October 18, 2019
  IBM has joined a global consortium of partners, led by marine research organisation ProMare, that is building an unmanned, fully-autonomous ship that will cross the Atlantic in September …..
• Coswisdom Lake obtains waiver to discharge oil cargo October 18, 2019
  Tanker Coswisdom Lake (IMO 9727194), which is owned by COSCO Shipping Tankers (Dalian), has received a temporary waiver from US sanctions, permitting her to discharge crude oil cargoes …..
• Britannia moves away from a General Increase – declares $15m distribution October 17, 2019
  Britannia P&I Club manager Tindall Riley has said that, going forward, Members’ renewals would be underwritten on their individual records and that the club intended to move away ….