The cost of transporting oil has increased globally on mainstream routes since Hamas attacked Israel on October 7th. Freight rates on 16 global trade routes were up by an average of more than 50% compared with rates on October 9th according to Baltic Exchange data. The single biggest gain (100%)...
https://insurancemarinenews.com/insurance-marine-news/oil-transport-costs-spike-after-hamas-attack/
The maritime industry remains an easy target for cybercriminals, with the cost of attacks and demand for ransom payments across the sector increasing significantly over the past 12 months. The report from sector-focused law firm HFW and maritime cyber security company CyberOwl, found that a...
Marie Kelly, Vice President, Defence Global at Norway-based marine insurer and Group Club Gard, has written a summary of the contractual implications of a situation as is now being seen in the Eastern Mediterranean. If the conflict spreads, there could be repercussions for global trade in the...
https://insurancemarinenews.com/insurance-marine-news/israel-gaza-conflict-contractual-implications/
The US Jones Act, introduced after World War I as a means to guarantee the security of the country’s shipping sector in times of war, remains firmly in place, with signs that the rules were likely to be rightened rather than loosened, a panel warned at last weeks Energy Insurance London conference....
Royal Caribbean cruise ship Rhapsody Of The Seas (IMO 9116864) has been deployed to evacuate Americans from Israel, taking them to Cyprus. The vessel sailed at the request of the US embassy in Israel. The Rhapsody of the Seas arrived at Israel’s Haifa Port on Monday morning October 16th before...
https://insurancemarinenews.com/insurance-marine-news/cruise-ship-evacuates-us-citizens-from-israel/
Oil futures softened on Monday October 16th amid expectations that US sanctions on crude oil exports from Venezuela could come to an end. Traders said that the Israel-Hamas conflict did not appear to threaten oil supplies in the short term. Brent crude futures finished just under $90 a barrel on...
Crude oil tanker Ali Najafov (IMO 9175195), possibly carrying oil products at the time, struck a mine in the Black Sea off the coast of Romania on Sunday October 15th, sustaining minor damage as a result, reported Reuters, citing unnamed sourced. The crew was said to be safe. It is the second...
The port authorities for Rotterdam and Antwerp-Bruges are proceeding with their efforts to make the bunkering markets in their ports more efficient, addressing long-standing concerns over cheating and shorting deliveries during bunkering operations. The ports will make mass flow meters mandatory as...
Bulk carrier Sophia Z (IMO 9445708) suffered a steering failure during the evening of October 14th while in the Bosphorus Strait, travelling south and en route from Bulgaria to Spain. Three tugs responded and the ship reportedly had to be anchored for at least two hours, However, it was able to...
https://insurancemarinenews.com/insurance-marine-news/marine-accident-round-up-17th-october-2023/
The move towards rebuilding damaged energy facilities to a better design after an accident will be driven more by insureds than by regulatory requirements, according to Gary Mawditt, CEO and global head of upstream claims at loss adjustor and Marine Warranty Surveyor (MWS) Matthews Daniel, speaking...