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P&I Market Review: Fires are biggest cause of major losses

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P&I Market Review: Fires are biggest cause of major losses
P&I Market Review: Fires are biggest cause of major losses

Lockton in its latest analysis of the marine Protection & Indemnity (P&I) market, highlighted mounting financial pressures on the International Group of P&I Clubs against a backdrop of geopolitical uncertainty and ongoing market volatility. According to Lockton analysis, the 2024/25 policy year saw the clubs report a collective underwriting loss of $312m, reversing two years of surpluses and resulting in a net underwriting loss of $98m over the past three years and fires are the biggest cause of major losses. Continue reading “P&I Market Review: Fires are biggest cause of major losses”

UK MAIB report into engine room fire on Finnmaster published

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Finnmaster. Credit: MAIB
Finnmaster. Credit: MAIB

The UK Marine Accident Investigation Branch has released its findings and issued 12 recommendations in a report into a auxiliary engine room fire on the Finnmaster Ro-Ro cargo ship as it departed a UK port in 2021.

What happened

At 2013 on 19 September 2021, a fire broke out in the auxiliary engine room on the Finland registered roll-on/roll-off cargo ship Finnmaster during departure from Hull, England. Finnmaster lost power, but the fire was later extinguished and the vessel safely re-berthed with the assistance of tugs. The auxiliary engine room was significantly damaged but there were no injuries. Continue reading “UK MAIB report into engine room fire on Finnmaster published”

TSB says cracked exhaust silencer cause of fishing vessel fire

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A fishing vessel called the Fundy Leader at port
The Fundy Leader. Source: Clearwater Seafoods

A 30cm crack along the main engine exhaust silencer led to a fire on board scallop fishing vessel Fundy Leader, according to the Transportation Safety Board of Canada (TSB).

What happened

On 06 December 2024, the fishing vessel Fundy Leader, with 13 people on board, was reported having sustained a fire 100 nautical miles southwest of Cape Sable, Nova Scotia. The crew extinguished the fire, and the vessel was Continue reading “TSB says cracked exhaust silencer cause of fishing vessel fire”

BSU lessons learned after loss of steering caused ships to collide

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BSU logo
BSU lessons learned following a collision of two ships on a canal after loss of steering.

The German BSU has shared lessons learned following two ships collided on a canal after loss of steering.

What happened?

Two ships were due to pass each other on a narrow channel. Shortly before the encounter, a malfunction occurred in the steering system of one of the ships. This malfunction caused the rudder to veer sharply to port. Switching to emergency steering was unable to correct this rudder position. Continue reading “BSU lessons learned after loss of steering caused ships to collide”

DNV Maritime Forecast to 2050 on the future of shipping and alternative fuels

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A preview of the front page of the DNV Maritime Forecast to 2050
DNV has published its Maritime Forecast to 2050

New insights from DNV’s Maritime Forecast to 2050 show that shipping’s energy transition is entering a new phase.

According to DNV, With the IMO’s Net-Zero Framework (NZF) approved but pending adoption in October, and the number of alternative-fuel-capable vessels in operation set to almost double by 2028, shipowners are shifting from preparation to action.

By 2030, the alternative-fuelled fleet will be able to burn up to 50 million tonnes of oil equivalent (Mtoe) of low-greenhouse gas (GHG) fuels annually, double the estimated volume needed to meet the International Maritime Organization’s (IMO) 2030 emissions target.

Yet today, actual consumption of low-GHG fuels remains at just 1 Mtoe. Continue reading “DNV Maritime Forecast to 2050 on the future of shipping and alternative fuels”

NTSB alerts land-based firefighters to risks of vessel fires

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A fire boat directing water onto the Grande Costa D’Avorio at a port
A fire boat directing water onto the Grande Costa D’Avorio. Source: NTSB

The U.S. National Transportation Safety Board (NTSB) has issued a safety alert urging greater awareness and training for land-based firefighters who may be called to fight fires aboard vessels in local ports.

The safety alert follows several NTSB investigations into deaths and injuries to firefighters.

The NTSB found land-based firefighters often lack the necessary training and familiarity with vessel layouts and fire protection systems to effectively fight in-port vessel fires. They also may be unaware of how to use the structural fire protection built into most commercial vessels.

Continue reading “NTSB alerts land-based firefighters to risks of vessel fires”

Hong Kong SAR lessons learned on enclosed space death

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The Marine Department of the Hong Kong Special Administrative Region (SAR) logo
The Hong Kong SAR has published a report into an enclosed space death on cargo vessel Seren

The Marine Department of the Hong Kong Special Administrative Region (SAR) has shown the results of an investigation into a death in an enclosed space on cargo ship Seren last year.

Continue reading “Hong Kong SAR lessons learned on enclosed space death”

Emerging battery technologies in the maritime industry volume 2

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Top half of blue cover art of the ABS Emerging Battery Technologies in the Maritime Industry Volume 2
ABS has released a publication on the latest advancements in battery technology trends.

The American Bureau of Shipping (ABS) has published ‘Emerging battery technologies in the maritime industry Volume 2’.

Understanding the latest advancements in battery technology trends is essential as the industry works to meet regulatory requirements.

The publication addresses the limitations and advancements surrounding next-generation batteries, including: Continue reading “Emerging battery technologies in the maritime industry volume 2”

NTSB report says lithium-ion battery bank cause of yacht fire

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A picture of a grey 25-metre yacht in the water with a marina and apartment blocks in the background.
​​The Flagship before the fire. Source: Flagship Marine LLC

The US National Transportation Safety Board (NTSB) has said in a report that inoperable battery management systems was the probable cause of a fire on yacht Flagship last year.

What Happened

​On April 28, 2024, at 1031 local time, a fire started on board the uncrewed yacht Flagship while it was docked at an enclosed bay of a shipyard on the Miami River in Miami, Florida. Shoreside firefighters moved the vessel to a nearby sea wall, where they extinguished the fire. The vessel eventually sank at the sea wall. There were no injuries, and no pollution was reported. The Flagship was declared a total loss, valued at $5 million.

Continue reading “NTSB report says lithium-ion battery bank cause of yacht fire”

IUMI analysis shows marine insurance sector as stable

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IUMI logoThe International Union of Marine Insurance (IUMI) presented its analysis of the latest marine insurance market trends – showing steady growth in premium income.

The global marine insurance premium base for 2024 was reported as USD 39.92 billion, representing a 1.5% increase on the previous year.

Continue reading “IUMI analysis shows marine insurance sector as stable”

Lloyd’s Register’s new wind propulsion and ergonomics rules

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Lloyd’s Register has introduced new technical notations that formalise standards for wind propulsion systems and ergonomic design.

Lloyd’s Register (LR) has introduced new rules that formalise standards for wind propulsion systems and ergonomic design.

The new technical notations have been designed to support the maritime industry’s transition to cleaner propulsion technologies and improved onboard safety.

The changes, which will be consolidated into the Rules from 1 January 2026, establish classification requirements for wind-assisted propulsion systems and ergonomic designs.

Continue reading “Lloyd’s Register’s new wind propulsion and ergonomics rules”

DNV white paper on design, safety, and regulatory considerations for CO2 fleet

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DNV logo
DNV has published a white paper into the critical elements in the design, construction, and operation of CO2 carriers.

DNV has released a white paper providing insights into the critical elements in the design, construction, and operation of CO2 carrier fleet.

Carbon capture and storage (CCS) markets are developing quickly and this needs to be mirrored by growth in the CO2 carrier fleet, which can provide flexible transport of CO2 over longer distances and facilitate its transportation to final storage.

DNV’s recent Energy Transition Outlook (ETO) estimated that 210 million tonnes per annum of CO2 will be captured by 2030 and 1.3 gigatonnes per annum by 2050, equating to about 6% of global emissions.

Continue reading “DNV white paper on design, safety, and regulatory considerations for CO2 fleet”

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