News Hound

The Liberia Maritime Authority has sent out recommendations for the carriage of plastic pellets by sea in freight containers. These recommendations are the first step in a two-stage approach aimed at reducing the environmental risks associated with the carriage of plastic pellets in packaged form by sea, pending IMO’s consideration of future mandatory measures for their carriage.

Summary of the Recommendations
1. Plastic pellets should be packed in good quality packaging which should be strong enough to withstand the shocks and loading normally encountered during transport. Packaging should be constructed and closed to prevent any loss of content which may be caused under transport normal conditions.
2. Transport information should clearly identify those freight containers containing plastic pellets. Additionally, the shipper should supplement the cargo information with a special stowage request requiring stowage as outlined in item 3 below. Continue reading “Liberia: Carriage of plastic pellets by sea in freight containers”

IUMI 2024 analysis has been released. Overall, the 2023 insurance year was positive for marine underwriters with market
development seen across all lines of business. World trade continued to grow which impacted positively on the global premium base, particularly for cargo insurance. The oil price appears to have stabilised which is good for the offshore sector.

Inflationary pressure has eased and many central banks are beginning to cut their interest rates, although this does not necessarily have an immediate effect on vessel repair costs. Apart from some inflation impact on hull repair costs, the claims environment was also relatively moderate in 2023, with no major weather Continue reading “IUMI’s 2024 analysis of the global marine insurance market”

Throughout time, every country, every community, every business and every home has needed insurance in one form or another. Society could not function as it does without it. With each new direction taken by trade and industry, insurance has adapted to deliver new protections and provide a safe springboard for future development.

Despite its value, the nature of insurance has also often been misunderstood. Insurance has always been based on analysis, research and the scientific study of risk. In other words, on information. Continue reading “Lloyd’s Agents, the first 200 years”