The US on Thursday December 7th imposed sanctions on 13 individuals and entities, stating that they had funnelled tens of millions of dollars in foreign currency to Yemen’s Houthi group from the sale and shipment…
Re/insurer Brit is reported to be planning to pull out of the marine liability sector. Only last month it became known that Brit had withdrawn from the space market. The marine liability segment included: Protection…
Trader’s wet freight boss sees geopolitical and demand issues as potentially clouding positive outlook. Swiss trading and shipowning giant Trafigura Group has logged strong profit in its latest financial year, but market clouds may be…
Noticeable change in tone since the Autumn says NorthStandard’s Mike Salthouse. The US and European Union are increasingly shifting the emphasis of their sanctions programme against Russia to enforcement, says NorthStandard head of external affairs…
Fresh attacks on vessels in the Red Sea are raising insurance premiums for ships in the region and menacing commerce in a conduit for 12% of world trade. Rising insurance premiums highlight growing risks in…
The US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) recently issued 4 general licenses suspending certain sanctions in relation to transactions involving oil, gas, and gold in Venezuela. [ United States temporarily authorizes…
War risk insurance premiums were raised slightly on Monday December 4th after three commercial vessels were attacked in the area on Sunday, reported Reuters, citing unnamed insurance sources. Jakob Larsen, head of maritime safety &…
BIMCO and fellow industry associations have developed two (2) transit corridors for the consideration of Ship Masters, Owners and Operators for Persian Gulf, Strait Of Hormuz and Sea of Oman; these areas continue to remain…
We proudly celebrated our 14th anniversary this week and taking this opportunity we would like to thank all our clients and business partners for their much valued and continued support. They have all played an…
The admission of the Turkish classification society comes after a successful verification of their compliance with the association’s membership criteria. The membership at the International Association of Classification Societies (IACS) is back up to 12…
