July 15, 2019
Panama will withdraw its flag from more vessels that violate sanctions and international legislation, the country’s maritime authority told Reuters, following the removal of about 60 ships linked to Iran and Syria from the Panamanian registry in recent months. After …
July 11, 2019
The British navy intervened to stop Iran from blocking a commercial oil tanker leaving the Persian Gulf, heightening friction just as European nations scramble to salvage a landmark nuclear accord with the Islamic Republic. The BP Plc-operated British Heritage, which …
July 3, 2019
Remember those Somali pirates? Earlier this decade, they brazenly hijacked giant oil tankers, demanded ransoms in the millions of dollars, and gave Tom Hanks yet another chance to play the everyman overcoming a life-defining crisis. Now, thanks to a multinational …
June 25, 2019
The cost of insuring Middle East oil shipments is soaring as tensions mount in a region responsible for about a third of all seaborne petroleum. So-called war risk premiums for a standard oil cargo from the Persian Gulf and the …
June 24, 2019
Rivals to Lloyd’s of London are riding a rising tide of marine insurance rates, leaving the 330-year-old market behind after it jettisoned sections of its oldest line of business last year. Premiums for marine insurance, which until 2018 had fallen …
June 21, 2019
A series of attacks on oil tankers near the Persian Gulf has ratcheted up tensions between the U.S. and Iran – and raised fears over the safety of one of Asia’s most vital energy trade routes, where about a fifth …
June 18, 2019
MS Amlin, the London-based re/insurer, announced the appointment of Mary Vogiatzidou to the role of senior marine underwriter. Vogiatzidou will be based in MS Amlin’s Dubai office and will be responsible for the continued development and growth of the marine …
June 17, 2019
Iranian forces were likely responsible for the attacks that occurred Thursday on two tankers in the Gulf of Oman, according to a report seen by Bloomberg from DNK, the insurer of one of the ships. The Norwegian insurer has raised …
June 17, 2019
Oil tanker owners face spiraling insurance costs to load cargoes from the world’s largest crude-export region after the latest round of attacks on vessels. War risk premiums that owners pay each time they go to the Persian Gulf have now …
June 14, 2019
Allianz Global Corporate & Specialty SE (AGCS) is rearranging roles in the management team of its Specialty business segment. Effective July 1, 2019, Ulrich Kadow will be appointed as AGCS global head of Marine. Effective immediately, Tom Fadden will be …