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Marshall Islands Economic Substance Regulations and their effect on shipowning and holding companies

Following pressure by the OECD and the EU to tackle tax evasion, money laundering and lack of transparency in international trade, the Republic of the Marshall Islands Economic Substance Regulations o...

Iran Trading

There has been increased tension between the USA and Iran during the last couple of years, but the crisis escalated with the recent killing of the highest ranking general of Iran by USA forces. At the...

Corona Virus

The wide spread of the Corona Virus has alarmed the whole world and as a result most governments have implemented measures only seen during times of war. There has been a knock on effect on most indus...

Brexit - Insurance Impact

Brexit has caused many changes to the metropolis of insurance, the London market. The underlying insurance issue with Brexit was to find a formula that would allow insurance companies/mutual associati...

GDPR - Consent may not always suffice to ensure compliance

The Hellenic Data Protection Authority (HDPA) recently imposed its first GDPR fine on PwC due to the fact that it unlawfully processed the personal data of its employees. It is worth noting that PwC'...

2019 P&I Renewal

It is noted that, of the thirteen International Group (IG) P&I Clubs, οnly one (Messrs. West of England) applied a general increase, which amounted to 5%. P&I underwriters commented that durin...

IMO's 2020 Sulphur Emissions Cap: a Marine Insurance perspective

The upcoming entry into force of the 2020 Sulphur Cap presents various much-discussed challenges for ship operators and the shipping industry as a whole. A combination of factors, including but not li...

Sue and Labour Explained

The Sue and Labour clause is described/included in the Marine Insurance Act (MIA), Institute Time Hull and International Hull Clauses. The purpose of the clause is to indemnify the assured in case he...

H&M Market Update

Approximately two months ago, the luxury yacht Sassi was completely burnt at the German Lurssen Werft shipyard. Most probably, this shall be a CTL claim amounting to US$ 700 Million. This unfortunate ...

London H&M soft market coming to an end?

Lloyd’s underwriters were summoned the last two weeks twice by the corporation of Lloyd’s at the old library. All syndicates have been instructed by Lloyd’s to review their business plans and present ...

Navigators Insurance Co Ltd and Others v Atlasnavios-Navegacao Lda ('The B Atlantic') [2018] UKSC 26

In August 2007, ‘The B Atlantic’, having been loaded with a cargo in Venezuela, was used by smugglers to strap drugs to the hull of the vessel. The drugs were discovered by the Venezuelan authorities ...

MLC 2006 UAE New Requirement

From the 20th of February 2018 and beyond, any registered owner of vessel(s) over 200 GT trading in UAE area must have liability insurance towards their crew members. Specifically, this new requiremen...

Owners’ Due Diligence

Cape Bonny, 2017 (English High Court) The case examined if Owners had exercised due diligence to make the vessel seaworthy when an engine breakdown occurred. The Commercial Court decided that the pro...

Cyber Cover

The EU’s General Data Protection Regulation comes into force in May 2018 and the deadline for transposition of the Network and Information Systems Directive (already in force as of August 2016) into n...

2018 Policy Year P&I and FD&D Renewal

We are delighted to see a second year without any general increases for all International Group (IG) P&I Clubs. Messrs. Britannia, Skuld, Standard and Steamship mutual clubs have even announced pr...

Insurer's duty to 'speak up'

Ted Baker Plc v AXA Insurance UK Plc (UK Court of Appeal   Generally speaking, it is trite law that the insurer has no duty to inform an insured about an alleged breach of policy warranties and cond...

Nigerian Piracy

Up to approximately two years ago, pirates operating in the Gulf of Guinea used to take control of commercial vessels transiting in the area and commence Ship To Ship transfer of cargo. Consequently, ...

Insurance Cover for Cyber Risks

Cyber fraud is a rapidly developing area of risk where an exponential number of incidentshave occurred over time. The immediate response of the majority of companies is to upgrade their IT department ...

Delay Insurance Cover

Delay Insurance Cover is a loss of earnings product triggered by onshore or ship related perils, taking into consideration the payment of freight contractual base (for example Time Charter, Voyage Cha...

Greek Insurance Premium Tax

Greek governmental circular 1028/22.02.2017 was issued at the end of February 2017, whereby it is clarified that insurance policies concluded by:   i) Greek and foreign shipmanagement companies of a...

Mortgagees Interest Insurance (MII)

One of the conditions in almost every mortgage contract between financiers and ship owners is that the latter are obliged to have at all times in place at least the following insurances: Hull and Mach...

IG P&I 2017 renewal at a glance guide

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Shipmanagers' Liability Insurance

Nowadays, some vessel owners elect to outsource partly or wholly management functions of their vessels. Such managers have a potential exposure against owners, including liabilities arising from negli...

Amendments to the MLC Convention 2006

Maritime Labour Convention (MLC) came into force on the 20th August 2013. Almost, a year later the International Labour Organisation (“ILO”) instituted several amendments aiming to implement the previ...

Bunker Insurance Cover

Currently the value of bunkers is relatively low as opposed to the high value of bunkers a couple of years ago. Nevertheless, the value of bunkers can cause a significant economic loss to its owner - ...

International Carrier's Bond (ICB)

All international carriers that transport cargo or passengers via vessel from a foreign destination to the United States must have in place an International Customs Bond (ICB) as required by US Custom...

Certificate of Financial Responsibility (COFR)

Under the Oil Pollution Act of 1990 (“OPA 90”) and the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) all vessels over 300 gross tons using the navigable waters of th...

ISM – DPA Insurance Cover

The ISM code dictates that every company operating a vessel, which is subject to the ISM code, should appoint a Designated Person Ashore (DPA). The individuals that are assigned with such a task run t...

Panama Isthmus

A new route connecting the Atlantic and Pacific Oceans opened 102 years ago. Since its opening more than 1,000,000 vessels have transited this eight kilometer long canal. The expansion works that conc...

Verified Gross Mass (VGM) of packed containers

As of 1st July 2016 the amendment to Regulation 2 of the SOLAS Chapter VI has come into force ensuring mandatory weighing of all packed containers before they are loaded on board vessels. Fines and pe...

The York – Antwerp Rules (YAR) 2016

On the 5th of May 2016 a new version of theYork-Antwerp Rules was adopted at a Comité Maritime International Assembly. The new version of the Rules has been extensively reviewed mainly in conjunction ...

Easing of sanctions against Iran

Recent developments in political level between Iran and the International community have spread enthusiasm that the formerly isolated Middle Eastern oil giant can start regaining its vital role in int...

Cyber Risks

The use of internet, IT and operational technology plays an integral part in the way the international trade community delivers its day to day products and services. A growing number of claims now inv...

Worldwide piracy and armed robberies

According to UNOSAT, between 1995 and 2013 there were a total of 6,249 reported instances of piracy or maritime armed robberies globally. The vast majority of these incidents occurred in the Western I...

Zika Virus

Zika is a virus transmitted in tropical regions through the bite of an infected Aedes mosquito, the same from which dengue and yellow fever is spread. Cases of Zika virus have been circulated in Asia,...

The New Insurance Act 2016

The Marine Insurance Act (MIA) 1906, the codification of the law pertaining to placement of commercial insurance contracts is more than 100 years old. The new Act seeks to provide further protection t...

Increase in the limitation amounts of 1996 LLMC Protocol

In April 2012 the Legal Committee of the International Maritime Organisation (IMO) adopted amendments to the 1996 Protocol to the Convention on Limitation of Liability for Maritime Claims 1976. This h...

Is marine insurance headed back to its (modern) roots?

Many Clubs of the International Group of P&I Clubs have been actively engaging in the Hull and Machinery (H&M) market, either by establishing syndicates in the Lloyd's market or by acquiring o...

Piracy Trends Worldwide

The threat of piracy is a significant problem worldwide and a major concern for shipowners over recent years. According to the International Maritime Bureau, reported incidents of pirate attacks and a...

Cyber Fraud

The international dimension of shipping industry could lead, among others to fraudulent events and circumstances. Cyber fraud is a rapidly developing area of risk and an exponential number of instance...

Piracy in Latin America

Venezuela, Brazil and Ecuador are the main countries in Latin America where a worrying trend of acts of piracy has started to materialize. In most incidents, pirates armed with guns and knives and eve...

Violence and differences between piracy in Indian Ocean, West Africa and Latin America

According to UNOSAT, between 1995 and 2013 there were a total of 6,249 reported instances of piracy or maritime armed robbery globally. The vast majority of these incidents occurred in western Indian ...

The problem with Greek Capital controls in the Maritime Industry

One week ago the Greek government announced it would be imposing capital controls and enforced bank holidays following a drastic decision by the European Central Bank to freeze the life support it had...