Force Majeure

Stolt: CII Regulations Challenge Chemical Tankers

Credit: chris-pagan-unsplash
  • In recent years, governments around the world have introduced a wave of policies to tackle climate change.
  • Without regulations, little or no progress will be made and if done properly, they will create a level playing field for reducing harmful emissions within and across different industries.

According to Stolt CII regulations pose challenges for chemical tanker segment, says a news article published in the Riviera.

Carbon Intensity Indicator (CII)

But regulations...

https://mfame.guru/stolt-cii-regulations-challenge-chemical-tankers/

Force Majeure Declared To COVID-hit Container Vessel

The Italian-flagged containership Ital Libera is sailing back to Italy to repatriate the body of its deceased captain who apparently passed away from COVID-19 and was denied entry into Asia, reports gCaptain.

Captain dead onboard

Nearly two months since the death of an Italian captain onboard Evergreen’s 5,090 teu Ital Libera and his family are still unable to arrange a funeral with port authorities in Asia refusing to accept the ship that was hit with an outbreak of Covid-19.

Captain Angelo...

https://mfame.guru/force-majeure-declared-to-covid-hit-container-vessel/

Spot Gas Prices Recoil as Hurricane Laura Misses Path

  • Spot natural gas prices in the Houston metropolitan area saw a double-digit rebound as Hurricane Laura bypassed the area.
  • Data showed gas demand for power generation in Texas increasing around 400 MMcf, as there was no substantial hurricane-related damage to power infrastructure.
  • The lower inflows were driven partly by a number of pipeline force majeures.
  • Natural Gas Pipe Line and ANR Pipeline declared force majeure citing the imminent storm track of Hurricane Laura and impacting southbound...

https://mfame.guru/spot-gas-prices-recoil-as-hurricane-laura-misses-path/

Tumultuous times for transportation industry insurers

The TT does not stand for troubled times, although the TT Club has seen plenty.

The TT stands for Through Transport, referring to the insurer’s customers in shipping, freight forwarding and logistics. The TT Club says it insures 80% of all maritime containers and has an insurable interest in more than 45% of the world’s top 100 ports. 

Founded in 1968, the TT Club, with a U.S. office in New Jersey and locations in London, Hong Kong and Sydney, has served clients through the severe acute...

https://s29755.pcdn.co/news/tumultuous-times-for-transportation-industry-insurers

How is the Global Trade Pulling Ahead Amid Coronavirus Crisis?

  • Companies are facing many difficult questions about business continuity and their workforce in this fast-developing emergency of COVID-19 pandemic.
  • Many parties to English law commercial contracts will have included a force majeure clause if a party is affected by events outside its control that prevent or delay performance of a contract.
  • Whether these coronavirus impacts come within the force majeure definition will depend upon the contractual wording and need to be considered in context at...

http://mfame.guru/how-is-the-global-trade-pulling-ahead-amid-coronavirus-crisis/

How will insurers cover shippers with containers stranded across the world?

Reports of hundreds of thousands of containers stranded around the world have begun to flood into The Loadstar’s newsdesk, and there is every expectation they will continue as social lockdowns limit ports ability to clear landed boxes, and a slew of blank sailings leave export containers stuck on quays.
In the following guest post, insurance expert Jose Guerrero looks at how marine cargo insurance relates to the Covid-19 pandemic; whether this …

The post How will insurers cover shippers with...

https://theloadstar.com/how-will-insurers-cover-shippers-with-containers-stranded-across-the-world/

Ship Operators Can’t Get of the Hook As Force Majeure Not Part of Loan Documentation!

City of London at night

Some owners have asked whether they can use force majeure to stop paying their banks. And the quick and easy answer to that one is ‘no’, writes David Osler, the Finance Editor of Lloyd’s List from London.

SHIPPING COMPANIES THAT OPERATE DIRECTLY OUT OF THE UK IN LOCATIONS SUCH AS THE CITY OF LONDON (PICTURED) HAVE A STRONG CASE TO ARGUE THEY DESERVE UK GOVERNMENT SUPPORT IN FIGHTING THE CORONAVIRUS.What is it?

CHARTERPARTY disputes arising from coronavirus are unlikely to have a direct impact on...

http://mfame.guru/ship-operators-cant-get-of-the-hook-as-force-majeure-not-part-of-loan-documentation/

Ports Declare “Force Majeure” Amid Coronavirus Crisis

  • Indian Ports declare Force Majeure due to the COVID-19 outbreak.
  • Indian LNG importers Petronet LNG, Gujarat State Petroleum, and GAIL have also issued force majeure notices.
  • India has asked its ports to waive demurrage and other charges for any delays in arrival, berthing and other operations of ships caused by the lockdown.

Prompted by the unforeseen delays in the delivery of cargoes and other port-related services as a result of the ongoing Covid-19 pandemic, some of the Indian ports have...

http://mfame.guru/ports-declare-force-majeure-amid-coronavirus-crisis/

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