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Counterparty risks across the entire supply chain have increased as the liquidity crunch caused by the pandemic presents strong headwinds globally for shipping. Experts warn that the industry will be increasingly subject to forensic probes into corporate governance and financial stability as a result
Ratings agency predicts rate hikes at most clubs, as mutuals feel double whammy squeeze from string of big casualties and coronavirus pandemic
Cargo claims for losses in the temperature-controlled supply chain are increasing. The majority of the incidents could be remedied by better communication between stakeholders as cargoes change hands
‘International Group Pool claims are notably higher than in any previous year after six months, and the club’s projected contributions are higher than predicted,’ says P&I club
Move designed to boost cashflow in coronavirus pandemic has evidently been made possible by the level of DNK’s solvency capital, which has reached $881m
Ståle Hansen sees fewer but bigger clubs emerging, with his own marine mutual open for dialogue with peers. `There doesn't need to be 13 clubs, ' he says in an interview
‘So far we’ve only seen small pricing adjustments, although these will probably become more significant as competition in this space increases. But small adjustments provide significant incentives for many borrowers,’ says law firm partner
Trial allowing witness to give evidence remotely from ship at sea sets important precedent, lawyers argue, although it is unclear whether rules will revert to mandating appearance in person once the coronavirus crisis lifts
Registration enables the Cyprus team to conduct open market business with Lloyd’s underwriters and to place delegated underwriting authority business on behalf of approved cover holders within the Lloyd’s market
With cyber crime against the shipping industry back in the spotlight, law firms and insurance companies with advice on extortion, data protection and malware attacks are in demand
‘While the VDR data makes it easier to say what went on, whatever anybody says, it remains critical to get people on board who understand ships and navigation. Otherwise the crew will try to pull a fast one,’ James Turner claims
Ports along the US Gulf Coast remained open as of Tuesday evening, but the US Coast Guard is scheduled to hold a briefing on Wednesday at Coast Guard Sector New Orleans to discuss preparations for Hurricane Delta. The National Hurricane Centre also warned of the ‘increasing likelihood’ of life-threatening storm surge and dangerous hurricane-force winds as the storm was upgraded from a Category 3 to a Category 4 hurricane, especially along the coasts of Louisiana and Mississippi, where there are several liquefied natural gas export facilities
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