A 25% improvement in port performance can drive a 2% growth in GDP, according to a new report released as the International Maritime Organisation (IMO) reveals several moves to boost security at African marine hubs. The IMO said: “Ports provide the critical interface between the ship and the shore. For maritime trade to flow effectively, this vital infrastructure needs to be…
Sub Saharan Africa must invest more in its ports infrastructure if it is to successfully grow economies, according to a new report. PwC analysis shows that a 25% improvement in port performance could increase GDP by 2%, demonstrating the close relationship between port effectiveness and trade competitiveness. However, it warned that with growing congestion in many African ports, Africa runs…
Fire prevention on container ships is likely to dominate proceedings at the International Union of Marine Insurers (IUMI) spring meeting in Hamburg, Germany this week after Danish shipping giant Maersk suffered a second fire onboard one of its mega container vessels in the space of two weeks. The latest fire occurred below deck on the containership Maersk Kensington as it…
The ports of Antwerp and Douala in Cameroon have announced a close collaboration to run for the next five years, which should reduce the risk of using the African port. The news comes just days after the Antwerp Port Authority also signed a collaboration agreement with the port of Dakar in Senegal, while a few months ago the port of…
Antwerp and Dakar port authorities have signed a five-year deal to strengthen their relationship and trading ties. Antwerp, the second-largest port in Europe, said it was seeking to reinforce its historic position as leader on the coast of west Africa, while the authorities at the Senegalese port of Dakar view the collaboration as a way to position it as the…
The number of piracy and armed robbery attacks on ships reached a 22-year low in 2017, with just 180 incidents recorded by the International Maritime Bureau (IMB), down from 191 incidents in 2016 and 246 in 2015. In its annual report, the IMB says 2017 saw the lowest number of attacks since 1995, although it warns against complacency with several…
Piracy and armed robbery attacks against ships hit a five-year low during the first nine months of this year, with a total of 121 incidents recorded by the International Chamber of Commerce’s International Maritime Bureau (IMB). However, the IMB said there is growing concern over attacks in the Gulf of Guinea and southeast Asia. The IMB’s latest piracy report also…
Cargo theft accounted for 10% of all claims recorded by transport and logistics insurer TT Club during the past 10 years, and continues to cause considerable loss to insureds and their insurers. Mike Yarwood, senior loss prevention executive at TT Club, said cargo theft is widespread. As well as a financial loss, cargo theft damages reputation and disrupts the supply…
With business interruption cited as the number one risk by risk professionals the world over in the annual Allianz Risk Barometer for four consecutive years, it is no wonder supply chain risk remains high on the risk agenda. Commercial Risk Africa recently held a one-day forum in Johannesburg, together with the Global Transport Asset Intelligence Bureau, as Liz Booth reports…
Increased incidence of natural disasters and accumulation of risk have pushed up global insured losses Supply chain is a global issue. More than 80% of the world’s goods are transported by sea, whether that is the raw commodity or the finished article. While Sub Saharan Africa may not be the biggest region in terms of imports, it is often…