Shipping insurance costs may double due to rise in piracy
insurance-premiums-for-ships
The escalation of piracy activities off the coast of Somalia is threatening to greatly increase insurance costs for ships sailing along the Gulf of Aden, said insurance and maritime experts.
The more than 10-fold increase in insurance premiums witnessed on the same route this year is likely to increase by another 60 per cent in December, [...]
Exxon Valdez Put to Rest
valdez
The most anticipated maritime law decision in recent years has been the decision in June 2008 by the U.S. Supreme Court that reduced the award of punitive damages against Exxon from $2.5 billion to $500 million. After nearly 20 years of litigation against Exxon and the captain of its vessel, the case is finally at [...]
Single-hull oil tankers not welcome in UAE after 2010
Single-hull tankers will not be allowed to trade in the UAE after 2010 despite indications by some Asian countries that they will welcome the tankers beyond the international phase-out deadline.
The International Maritime Organisation (IMO), the United Nations agency responsible for improving maritime safety and preventing pollution from ships, says all vessels more than 20 years [...]
Crew crunch may compromise shipping safety standards
Safety standards within the shipping industry risk being compromised further as the world grapples with an increasing shortage of skilled ship crew, believe senior industry players.
Specialist shipping sectors such as LNG (liquefied natural gas), oil and chemical shipping that require highly skilled and experienced seafarers are some of the worst hit sectors in the industry.
Besides [...]
LNG Carriers Feel Pinch Of Officer Shortage.
LNG Carrier
The current ‘credit crunch’ has affected all industrial sectors and shipping is no exception to this. However, in the industry, one of the prevailing concerns in recent years has been the existing and anticipated significant shortfall in seafarers and qualified officers capable of fulfilling roles on vessels, and this one is likely to persist [...]
