On 17 April 2024 OFAC issued General License 44A (GL44A) which permits the wind-down of oil and gas operations in Venezuela until 31 May 2024, including “the production, lifting, sale, and exportation of oil or gas from Venezuela, and provision of related goods and services” and transactions...
https://www.hellenicshippingnews.com/venezuela-re-imposition-of-u-s-sanctions/
Changes to the Oil Price Cap Reference is made to Notice to Members No.19 2023/24 wherein changes to the Oil Price Cap (OPC) scheme (which regulates the transport and insurance of Russian CN 2709 and CN 2710 cargoes) coming into effect as of 19 February 2024 (UK and US) and for cargoes loaded on or...
A global resurgence Global piracy and armed robbery incidents increased by 4% in 2023 compared to 2022, according to the International Maritime Bureau’s Piracy Reporting Centre (IMB PRC). While this does not appear to be a substantial overall change, a closer look at the figures do reveal some...
https://www.hellenicshippingnews.com/is-the-decline-in-global-piracy-over/
The Shipowners’ Club, the leading mutual P&I insurer in the smaller and specialist vessel sector, has reported results for the year ended 31 December 2023. The Club delivered a close to breakeven underwriting surplus of US$ 4.1m, with a 2023 combined ratio of 98.4%. Although volatility remained a...
Jan-Hugo – as Special Adviser on Offshore and Energy in Gard, you have been involved with the Lillehammer Energy Claims Conference (LECC) for close to 30 years. Tell me what it is and how it started. The international offshore energy market is small by number of active insurers. It involves high...
Access to safe and clean drinking water to sustain life is one of the most basic human needs; exposure to contaminated water can have serious health implications. Ports play an essential role in the provision of clean drinking water to the maritime industry, contributing to the welfare of the crew...
https://www.hellenicshippingnews.com/tt-talk-the-supply-of-clean-drinking-water-to-ships-crews/
With marine insurance being an important component of vessel operating costs, we have done a review of the latest trends in P&I and H&M as part of the assessment for Drewry’s upcoming Ship Operating Costs report. Protection & Indemnity – market softening but reinsurance more volatile At the recent...
Improved industry cooperation is key to ensuring the maritime industry meets the challenges of today’s uncertain operating environments, believes Thomas Nordberg, Managing Director of The Swedish Club. He made the comments during his keynote address at the Nordic Association of Marine Insurers’...
Shipping, and in particular shipowners, may feel that the past couple of years have been overwhelming in terms of adapting to new decarbonisation regulations. 2023 saw the introduction of the Energy Efficiency eXisting ship Index (EEXI) and the Carbon Intensity Index (CII). 2024 has seen the...
https://www.hellenicshippingnews.com/getting-ready-for-fueleu-maritime/
Sometimes seafarers participate in an amiable exchange of low-value items from the vessel, including scrap, stores, and personal effects, with locals in foreign ports. Through such bartering seafarers acquire welfare items like SIM cards and fresh supplies. However, some local authorities view such...
https://www.hellenicshippingnews.com/trading-troubles-bartering-for-welfare-items-in-ports/