A return of state insurance in Russia looks likely as a result of new EU rules on the insurance of Russian oil cargoes. Dmitry Medvedev, deputy chairman of the Russian security council, said on June 6th that “this problem can…
Shippers of Russian crude have been resorting to unusual methods to move cargoes over longer distances to new customers, reports Bloomberg. The most recent example was a ship-to-ship transfer in the middle of the Atlantic Ocean. Aframax tanker Zhen I…
The likely insurance ban that both the UK and the European Union are looking to put on any tankers carrying Russian oil anywhere in the world is expected to create a huge further shake-up in tanker fortunes. The insurance ban…
The tanker market is bound to face another round of shifts in trade flows, with EU’s seaborne imports of Russian oil, effectively banned henceforth. The increased ton-mile demand though, could prove to be beneficial for many tanker owners. In its…
A Code of Practice between the International Group of P&I Clubs and IUMI has recently been agreed in relation to future casualty situations that may give rise to the need for third party salvage services. #1 In the event of…
With reference to the UK Russia (Sanctions) (EU Exit) Regulations, the UK Government published a General Trade Licence on 17 March 2022 to clarify whether insurers and reinsurers domiciled or operating from the United Kingdom are lawfully able to provide…
UK Cub has said that at the end of the 2021-22 policy year its financial position remained strong, with free reserves of $488m on February 20th 2022. The Club noted that it "continues to comfortably meet all its regulatory capital…
Iran has upped the ante in its disagreement with the US and Greece over the confiscation of an Iran-flagged tanker and its cargo of crude. On Friday May 27th the Iranian Revolutionary Guard Corps boarded and seized two Greek Suezmax…
The members of North of England Club and Standard Club have backed the merger of the Clubs. Both clubs held special general meetings on May 27th to approve the proposal to merge the two organizations. NorthStandard will function as a…
A ship full of Porsches, Bentleys and Lamborghinis catches fire and sinks in the Atlantic. A container vessel ignites and goes down off Sri Lanka. In a sequel to the Even Given accident in the Suez Canal, another Evergreen ship…
