Japanese firm ordered to pay a further $35.5m for criminal cartel conduct

Japanese firm ordered to pay a further $35.5m for criminal cartel conduct

Japanese firm ordered to pay a further $35.5m for criminal cartel conduct

The Australian Federal Court has ordered Japanese shipping company, Kawasaki Kisen Kaisha Ltd (K-Line), to pay a fine of $35.5m for criminal cartel conduct. This follows fines already imposed by Japan, the US, China and the European Commission, with others in the pipeline. In a note issued by Australian law firm Nathan Holding Redlich, the criminal conduct for which K-Line…

Hormuz crisis means Indian importers face huge hike in marine cargo premiums

Hormuz crisis means Indian importers face huge hike in marine cargo premiums

Hormuz crisis means Indian importers face huge hike in marine cargo premiums

Indian companies that import crude oil, petroleum products, chemicals and fertilisers from the Arabian Gulf and through the Strait of Hormuz are paying “phenomenally higher” cargo insurance premiums to cover war and strikes, an Indian broker has told newspaper Hindu Business Line. Standard Cargo insurance clauses exclude war and strikes. To acquire the cover, buyers need to attach the war…

Hiscox launches new vessel seizure product as Hormuz crisis deepens

Hiscox launches new vessel seizure product as Hormuz crisis deepens

Hiscox launches new vessel seizure product as Hormuz crisis deepens

Hiscox, the London-based international specialty insurer, has developed a new security product to help protect shipping targeted by nation states as risk managers in the shipping sector seriously review their options given the crisis in the Strait of Hormuz. The Malicious Vessel Seizure product will respond to a single peril of a ship taken by a foreign government, providing loss-of-hire…

Swiss Re teams up with EF Marine to enter fast-evolving Indian P&I market

Swiss Re teams up with EF Marine to enter fast-evolving Indian P&I market

Swiss Re teams up with EF Marine to enter fast-evolving Indian P&I market

Swiss Re has teamed up with Singapore-based insurer EF Marine to offer protection and indemnity (P&I) cover with potential limits up to $500m, to foreign ships that call at Indian ports. EF Marine, which has offices in Singapore and Rotterdam and provides AA-rated security from Swiss Re, announced that it is now an approved insurance provider for the purpose of…

NZ government to demand big hike in cover bought by oil and gas operators

NZ government to demand big hike in cover bought by oil and gas operators

NZ government to demand big hike in cover bought by oil and gas operators

Offshore oil and gas companies that operate off the shores of New Zealand will be required to hold higher levels of insurance to ensure they can cover the cost of environmental damage, under proposed new rules announced by associate minister for transport Julie Anne Genter. The New Zealand Cabinet has agreed to consult on increasing the amount of insurance that…

Insurance costs to rise as two more tankers hit in Gulf of Oman

Insurance costs to rise as two more tankers hit in Gulf of Oman

Insurance costs to rise as two more tankers hit in Gulf of Oman

Two further torpedo attacks on oil tankers in the Gulf of Oman that left one vessel ablaze and both adrift are likely to drive insurance rates up and persuade marine and energy insurers to tighten conditions, according to international law firm DWF. The likely total value of goods involved in the latest attacks is about $65m, according to risk management…

Large shipping losses at lowest level since turn of century: AGCS

Large shipping losses at lowest level since turn of century: AGCS

Large shipping losses at lowest level since turn of century: AGCS

Large shipping losses were at their lowest level last year since the turn of the 21st century, according to maritime statistics from Allianz Global Corporate & Specialty (AGCS). There were just 45 total losses globally in 2018. This is down from 98 in 2017 and 55% lower than the ten-year average of 104. It is the fourth consecutive year that…

Marine piracy drops by 25% in Asia

Marine piracy drops by 25% in Asia

Marine piracy drops by 25% in Asia

Latest figures produced by the Regional Cooperation Agreement on Combating Piracy and Armed Robbery Information Sharing Centre (ReCAAP ISC), an anti-piracy consortium of Asian states, have revealed a 25% decrease in marine piracy activity in Asia. The data, presented by ReCAAP ISC executive director Masafumi Kuroki at its annual Piracy and Sea Robbery Conference in Singapore, showed that there were…

Marsh execs seek to allay risk manager concerns over JLT deal

Marsh execs seek to allay risk manager concerns over JLT deal

Marsh execs seek to allay risk manager concerns over JLT deal

Marsh executives have sought to allay risk manager concerns that the JLT acquisition will lead to a lack of focus, loss of talent and seriously harm competition in the sector. Speaking the day after the deal completed, they said the combined company will redouble efforts to put clients at the centre of its thinking and decision-makers close to the front line of risk…

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