Indian Register of Shipping (IRClass) to focus on business opportunities in Greece

Since opening its Greek office in 2010, the Indian Register of Shipping (IRClass) has made inroads into the Greek shipping market. Based in Piraeus, the IRClass office has been actively engaged with Greek shipyards and owners to offer its full range of classification services.

It has recently certified three Ro-Ro vessels in Greece for the Theodoropoulos shipyard and has also taken several other vessels into Class.

Currently, IRClass is working on seeking authorisation from Greek maritime authorities to survey and certify all types of Greek flagged vessels.

To add focus to the Greek market, IRClass MD, Mr. Suresh Sinha will be speaking at Capital Link’s 10th Annual Greek Shipping Forum on Friday February 22nd at the Hilton Athens hotel.

“The Greek maritime market is important to IRClass and our expansion strategy is to focus our services in this region due to the large concentration of ship owners. We look forward to networking and meeting with the Greek shipping community and build on the business relationships which our team in Piraeus has developed”, said Mr. Sinha.

Sulphur and Greenhouse Gas Reduction Priority for ICS

“The 2020 global sulphur cap will be the regulatory game changer of the decade with profound implications for the economics of shipping” believes Chairman of the International Chamber of Shipping (ICS), Esben Poulsson. “But there are even more profound changes to come.  We are rapidly moving into a multi-fuel future to be followed we hope, in the 2030s, by the arrival of commercially viable zero CO2 fuels suitable for global application.”

Mr Poulsson was speaking following the ICS Board meeting in London last week, attended by senior representatives of the world’s national shipowners’ associations.

As the 1 January 2020 deadline for the sulphur cap approaches, ICS members reviewed progress in persuading the UN International Maritime Organization (IMO) to take measures to address expected implementation problems.  This includes outstanding safety and fuel compatibility issues associated with the use of new 0.5% sulphur blends and continuing uncertainty over the availability of compliant fuels in every port worldwide, a particular challenge for tramp trades.  The ICS Board concluded that it will be vital for the IMO Marine Environment Protection Committee to complete this work at its meeting in May 2019, as shipowners begin ordering compliant fuels.

Read more

Britannia Granted Licence to Underwrite Business in Singapore and Launches Two Chinese Language Websites

On 25 January Britannia P&I Club was granted a licence to underwrite business from its Singapore branch.

The licence was granted by the Monetary Authority of Singapore (MAS) and follows the recent further positive news of Britannia’s Hong Kong branch also receiving its underwriting licence from Hong Kong’s insurance regulator, the Insurance Authority.

The Singapore branch will be managed by Tindall Riley (Britannia) Singapore (TR(B)S) and is headed by John O’Flaherty, Chief Executive, who has had many years of experience in marine insurance and shipping.

John’s team of seven colleagues includes:

– Derek Birch, a qualified lawyer with experience both in private practice and with other P&I Clubs. Derek heads the local claims team, which includes Capt. Rajesh Raman, Capt. Nasir Subahrie, Sivakami Moorthy and Victoria McFarlane, all of whom have legal, maritime and/or insurance backgrounds; and

– Capt. Ajit Karande, who is responsible for correspondent work and overseeing Britannia’s ASEAN correspondents.

The Singapore office will look after Britannia’s ASEAN countries Members as well as its Members in India and Australasia. It will also assist where required with all Members’ claims arising in the ASEAN region, in association with Britannia’s local port correspondents.

Read more

S&P Upgrades The Swedish Club to ‘A-‘ Rating

The Swedish Club is pleased to report that on January 23, 2019, S&P Global Ratings raised its insurer financial strength and issuer credit ratings on The Swedish Club to A- with stable outlook.

S&P reported that through disciplined underwriting and strong risk controls The Swedish Club has continued to record combined ratios close to 100% despite testing conditions in its main markets.  It believes that these improvements, combined with a sturdy operating performance, should enable the Club’s capital position to remain resilient to market challenges over the next 24 months.

Lars Rhodin, Managing Director of The Swedish Club is delighted with the news: “This is an important step for The Swedish Club and will enable us to further develop our growth and diversification strategies around the world.  As a mutual society this news is a testimony to the quality and support of our members and to the commitment and expertise of our team. Read more

New Initiatives Announced to Strengthen Singapore as a Global Maritime Hub

Dr Lam Pin Min, Senior Minister of State for Transport and Health, announced two initiatives for the maritime industry at the Singapore Shipping Association’s (SSA) Annual Lunar New Year Cocktail Reception yesterday evening. The two initiatives, the Singapore War Risks Insurance Conditions (SWRIC) and the development of an inter-operability framework for electronic trade documents for the maritime and trade industries, will strengthen Singapore’s standing as a leading global maritime hub.

Enhancing Singapore’s maritime insurance offerings

The SWRIC is an enhancement to the Singapore War Risks Mutual (SWRM), Singapore’s first national war risks insurance facility which was launched in 2015 as part of efforts to develop Singapore as a comprehensive marine insurance hub. Available to members of SSA irrespective of the flag of the ship, and non-members whose ships are registered in Singapore, the cover under SWRM rules includes Protection and Indemnity (P&I) war risks, hull war risks, detention and diversion expenses, sue and labour and discretionary insurance. In a short span of four years since its launch, the SWRM cover has exceeded expectations with close to 800 ships insured. Read more