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…
Law firm Reed Smith has advised clients that “the onset of conflict in Ukraine saw businesses scramble to understand and navigate the rafts of new international sanctions which were rapidly introduced by individual states and international bodies” Hyun Woo Kang…
The European Council has agreed in principle to ban seaborne imports of oil from Russia, leaving a carve-out for pipeline shipments in order to secure the vote of Hungary and other states with high dependence on Russian crude. "The sanctions…
The Lloyd's syndicates have now published their results for 2021 and, in some cases, added detail and an outlook for 2022. Some have stuck to the bare bones. As last year, IMN is summarizing the results from all syndicates that…
