Political Risk, Credit & Finance
The latest changes in political risk, credit, finance that effect the marine insurance market.
- New Turkish insurance rules delay Kazakh oil deliveries December 8, 2022The decision by Turkey to ask western insurers to guarantee cover for ships transiting the Bosphorus Strait that were found to have broken sanctions rules has not just caused a .....
- Russia-linked superyacht will be sold – proceeds will go to Ukraine December 8, 2022In an unusual diplomatic move related to western sanctions against Russia, it has been reported that the 92.5-metre superyacht Royal Romance (IMO 1012268), valued at about $200m pre-sanctions .....
- Singapore and Netherlands accept IMO Convention amendments December 8, 2022Singapore and the Netherlands have become the latest countries to accept amendments to the Convention on the International Maritime Organization (IMO) which will expand the size of the .....
- Ukraine grain exports down 29.6% at to 18.1m tonnes so far in 2022/23 December 8, 2022Ukraine has exported just shy of 18.1m tonnes of grain so far in the 2022/23 season, down by 29.6% from the 25.8m tonnes exported by the same stage of the previous season, according to .....
- Dirty bulkers are now being used to carry food crops to Asia December 8, 2022Dirty bulk ships that had been used to carry iron ore are being scrubbed clean so that they can transport grain to Asia. The unusual shift of cargoes has been prompted by a slump in demand .....
- Russian oil price cap comes into effect – ship queues form December 7, 2022Oil tankers began to queue off the coast of Turkey on Monday, the first day of the West's price cap on Russian crude, as a result of a conflict between Turkey and the west when it came to .....
- EU publishes Price Cap Guidance and Q&As December 7, 2022With the last-minute agreement of the $60 oil price cap causing some uncertainties among marine insurers, owners and charterers, the EU has published a guide to the implications .....
- Price cap – Japan Club “Request for Attestation” December 7, 2022Noting the introduction of the $60 a barrel price cap, Japan Club has stated that, in accordance with this agreement the Japanese Ministry of Finance on December 5th published a Notice .....
- Update on status of Libyan Ports December 7, 2022North of England Club’s Libyan correspondents Gargoum Group Co and Shtewi Legal & Pandi Services have provided a further useful update on port and terminal status in .....
- FMC reveals interim process for handling shippers’ complaints December 7, 2022The Federal Maritime Commission (FMC) has introduced interim procedures through which it will review, investigate, and adjudicate complaints filed by shippers to challenge charges .....