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As the Panama Canal prepares to celebrate its 100th anniversary, insurers are warning of the increased risks that will arise from its plan to double the cargo carrying capacity of ships transiting one of the world’s most important waterways. Every year, over 12,000 oceangoing ships navigate the canal, a figure which could increase significantly following the anticipated opening of the new locks in 2015. It is forecast the expansion will enable between 12 and 14 larger vessels per day (approximately 4,750 additional ships per year) to pass through the canal. Significantly, many of these ships are expected to be new-Panamax class container vessels of 12,600 teu, which are far larger than the existing largest vessels able to access the canal (4,400 teu).

AGCS experts warn the increased traffic and larger vessels may challenge the Panama Canal’s improved safety record over the past decade with the risks exacerbated through the initial period of the canal opening. Captain Rahul Khanna, AGCS’s Global Head of Marine Risk Consulting, explains the potential risk management impact of this expansion: “Larger ships automatically pose greater risks. The sheer amount of cargo carried means a serious casualty has the potential to lead to a sizeable loss and greater disruption. For example, a fully-loaded new-Panamax 12,600 teu container ship is as long as four football fields with a beam of up to 160 feet and could have an insured cargo value alone of $250 million.”

Continue reading “New Panama Canal means increased insurance risks”

The Nautical Institute appealed to the maritime industry to help it get a copy of its free publication The Navigator onboard every SOLAS vessel to encourage the professionalism of watchkeepers.

The international professional membership organisation is reacting to concerns from the industry that casualties and near misses from navigational errors are increasing, and that navigational competence needs to be continually updated.

“Finding ways to increase the competence and professionalism of officers of the watch is one of the main concerns of our members,” Chief Executive Mr Philip Wake told a gathering of senior industry figures. “One of the ways we are working towards this goal is through our free publication The Navigator, which appears three times a year, highlighting some of the most important issues for them.”

He added: “In the year and a half since we began production, the publication has become a real success, with students, cadets and young officers telling us how much they appreciate it. But the challenge, as always, is getting the message to those people – and onboard those vessels – that will benefit the most.

“Now, thanks to the generosity of IFAN, the International Foundation for Aids to Navigation, we are in a position to put a copy on the bridge of every SOLAS vessel – potentially up to 100,000 magazines. In that way, we hope that watchkeepers will sign up to the digital version.”

Continue reading “The Navigator: A magazine for every ship”