Improved risk management lowering shipping losses

Improved risk management lowering shipping losses

Improved risk management lowering shipping losses

Successful counter-measures have reduced piracy incidents around the coast of Africa still further in the past year, as overall shipping losses are reduced through improving risk management. The 2017 edition of Allianz Global Corporate & Specialty SE’s (AGCS) fifth annual Safety & Shipping Review shows that, in 2016, piracy continued its downward trend as it recorded only 191 incidents, down 22…

US forces warn Somali piracy resurgence driven by famine

US forces warn Somali piracy resurgence driven by famine

US forces warn Somali piracy resurgence driven by famine

Risk managers involved in the marine sector and those with goods transiting the Horn of Africa have been warned famine is fuelling a resurgence in Somali piracy activity. Last week more than 225 attendees from various organisations participated in the first US Africa Command Chiefs of Defense (CHoD) conference.  Besides Africom senior leadership were representatives from 42 African countries, 35…

Crew released but Somali hijack concerns continue

Crew released but Somali hijack concerns continue

Crew released but Somali hijack concerns continue

On 16 March 2017, the crew of the MT ARIS 13, a tanker vessel, was released from Somali pirates after a firefight with the Puntland Maritime Police Force (PMPF). Oceans Beyond Piracy reported the entire crew is unharmed. The MT ARIS 13 is now proceeding to the Somali port city of Bosasso. On 13 March, pirates hijacked the vessel en route to…

Somali pirates strike again

Somali pirates strike again

Somali pirates strike again

Risk managers have been warned to increase their vigilance around the threat of a piracy attack in Somali waters after the first merchant vessel incident in five years. On 13 March 2017 Somali pirates hijacked the MT ARIS 13, a tanker vessel en route to Mogadishu from Djibouti. The ship was seized approximately 18 km off the northern tip of…

Marine insurance faces skills shortage challenge

Marine insurance faces skills shortage challenge

Marine insurance faces skills shortage challenge

The biggest challenge facing the marine insurance industry today is the lack of skills, according to one South African underwriter. Adriaan Bester, manager: marine, Lion of Africa Insurance, warned: “There is a shortage of skilled marine staff entering and confining in the marine insurance industry which creates a cause for concern. This ‘inexperience’ not only increases competitive levels unnecessarily, but…

Major boost for Angolan infrastructure

Major boost for Angolan infrastructure

Major boost for Angolan infrastructure

The Fundo Soberano de Angola (FSDEA), Angola’s sovereign wealth fund, has committed US$180 million to a strategic deep sea port in Angola. The commitment is made as part of FSDEA’s $1.1 billion infrastructure fund. José Filomeno dos Santos, chairman of the board of directors, FSDEA said: “Investments in the industrial sector and infrastructure support trade in the Sub Saharan region…

Regulation change hands Kenya insurers marine cover bonus

Regulation change hands Kenya insurers marine cover bonus

Regulation change hands Kenya insurers marine cover bonus

In the past month, Kenya insurers have been on a launching spree for online marine insurance products, thanks to a change of law that requires all imports to be insured locally from 1 January 2017. It is a windfall for insurers as previously, 90% of imports into Kenya were insured abroad. Under the new rules, foreign insurance is only allowed…

Maritime kidnaps rise to 10-year high

Maritime kidnaps rise to 10-year high

Maritime kidnaps rise to 10-year high

Global piracy levels fell to an 18-year low in 2016, but figures from the ICC International Maritime Bureau (IMB) reveal a threefold increase in the number of crew kidnapped at sea with figures reaching a 10-year high. Publishing its annual piracy report, the IMB named west Africa and the Sulu Seas route between Malaysia and the Philippines as a key…