‘I don’t think we’ll be one of the smaller general increases, but my prediction is there will be other clubs in and around where we are,’ says marine mutual chief
On this week’s podcast, we are assessing the outlook for general increases, or GIs to those in the know, at the next P&I renewal round. The past two renewal rounds have seen most clubs ask for mid to high single-digit rises and early indications suggest we should brace for more, but significantly, a handful have explicitly rejected the notion of GIs altogether. We get the expert analysis from Mark Cracknell, head of cargo and marine at megabroker Marsh JLT Specialty, Stephen Hawke, managing director of Lockton’s P&I broker affiliate PL Ferrari and West of England’s chief executive Tom Bowsher.
Cracknell brands GIs ‘an anachronism in the modern world’ that may result in more owners looking to switch club
Lyras blames ‘particularly adverse trading conditions and underwriting deficits on its mutual P&I business for the last two policy years and a very high level of claims in the current year’ for London’s need for more cash from members
Steady growth said to be built on domestic market, with some Chinese owners ready to pay higher prices on patriotic grounds
‘If the buyer is borrowing funds from the issuing bank, then when the bills of lading pass through the banking chain, the issuing bank will not only hold them physically, but the bank will also have transferred to it a financial interest in the cargo and will have a right of suit,’ says Nicola Cox of West
As mega-ports and inland transportation routes speed up to meet global demand, the ongoing imposition of coronavirus restrictions is a major factor driving up the volume and cost of claims
American Hellenic Hull's upward trajectory has been acknowledged in various ways, not least by the election last year of chief executive Ilias Tsakiris to the prestigious Ocean Hull Committee of IUMI
Our Special Report takes a deep dive into how Greece and Cyprus reached their towering position in maritime trade, and what they must do to keep it
Focus on small ships and inland craft of up to 10,000 gt — typically including tugs, barges, dredgers, ro-ros, fishing boats, and offshore units for oil or renewables operations — vindicated, according to club
‘The problem is that there is little the clubs can do about it. These large incidents are very random in nature and it is to a large extent pot luck which club suffers them,’ report maintains
After a year’s break when they went virtual, the Lloyd’s List Greek Shipping Awards are expected to make an in-person return as the world’s largest shipping industry awards event
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