Lloyd's List

Premium volumes across all key marine classes rose in 2023, the International Union of Marine Insurance (IUMI) conference in Berlin was told this afternoon (September 16). The findings formed part of the annual facts and figures presentation from Astrid Seltmann, statistician for Cefor - The Nordic Association of Marine Insurers, which is one of the highlights of the event each year. The global marine insurance premium base for last year was reported at $38.9bn, representing an increase of 5.9% on the previous year. While not quite as dramatic as the 8.3% rise unveiled in Seltmann’s parallel presentation in Edinburgh last year, the performance will likely suffice to satisfy the top brass at insurance majors as well as attract still further new capacity to marine. Within the overall 2023 tally, ocean hull came in at $9.2bn, with cargo the largest single class at $22.1bn. Offshore energy premiums stood at $4.6bn. In terms of growth rates, ocean hull led the way by jumping 7.6%, with cargo following on 6.2%. Offshore energy was up 4.6%. https://lnkd.in/ev3Dbrjs

Free to view: Houthi rebels in Yemen clearly have the capability to sink ships but appear to be holding back for political and media management reasons, an influential marine insurance figure has warned. Lloyd's Market Association head of marine Neil Roberts was speaking to journalists at the International Union of Marine Insurance (IUMI) conference in Berlin on September 15. Roberts is also secretary to IUMI’s ocean hull committee and chair of its policy forum. “We have a new reality in the Red Sea and it is ongoing. There is no apparent prospect of it changing,” he said. “We must remember that the Houthis have evolved from an insurgency using roadside bombs to an organisation that is able to use ballistic missiles. “It has 873,000 trained personnel. It is a significant operation. It has political aims, and the reason it is targeting shipping is unchanged. It wants recognition as a state.” It is not obvious that its ambitions can be attained by the methods it is currently using, Roberts said. Read more below ⬇ Lloyd's List will be providing further coverage of the IUMI conference, running September 15-18, over the coming days https://lnkd.in/eX2SQf2f

As efforts resume to remove a blazing oil tanker that has been stuck in the Red Sea for more than three weeks after it was attacked by Houthi militants, salvage experts have warned that the operation could take several weeks. Any stand-off with the Houthis, though, has the potential to escalate one of the most complex salvage operations in recent history into a much longer-term political problem. No port of refuge has yet been agreed and what happens next remains the subject of increasingly fraught political discussions involving multiple international agencies, naval commands and potentially affected coastal states including Saud Arabia, Eritrea, Sudan and Egypt. Access Lloyd’s List’s free to read account of what’s happening here: https://lnkd.in/egbQChuE  

Free to listen: This week, Lloyd’s List’s editor-in-chief Richard Meade speaks to international shipping leaders to identify the industry's most pressing problems and ask whether it is up to the task Featuring: 🔵 Sotiris Raptis, secretary-general, European Community Shipowners' Associations (ECSA) 🔵 Caroline Yang, president, Singapore Shipowners’ Association 🔵 Guy Platten, secretary-general, International Chamber of Shipping Listen below ⬇ https://lnkd.in/et-wgGQU

Free to view: Recycling took a hit this past year after Houthi attacks created the Red Sea crisis, lengthening voyages by 15 days and buoying freight rates such that demand for vessels dented recycling. Temporary Far East Asian ports’ congestion aggravated the slowdown. However, from now until 2026, Wirana Shipping expects substantial newbuilding ship deliveries in three segments — container, LNG and vehicle carriers that should result in older ships being sent for recycling Read more below ⬇ #sponsoredcontent https://lnkd.in/e-xY7mhR

Orders for new containerships placed in 2024 look set to reach a combined capacity of 3m teu, the second-highest annual level of contracting after 2021 when almost 4m teu of slot capacity was contracted.   According to data tracked by Lloyd’s List, a total of 211 containerships with a combined capacity of 2.6m teu has been ordered since January. While some orders are at letter of intent stage, or are awaiting shipbuilding contract refund guarantees, further newbuildings, with a combined capacity of at least 400,000 teu, are expected to be contracted during the fourth quarter. https://lnkd.in/eeXKmebQ

The drought crisis at the Panama Canal is now firmly in the rearview mirror. Official transit stats show impressive gains in August, driven by more containerships and very large gas carriers using the neopanamax locks and more bulkers traversing the panamax locks. Furthermore, the transit numbers do not tell the whole story. The containerships using the waterway on Asia-US routes are getting larger, carrying more cargo per transit. The 2024-built, 17,640-teu MSC Marie (IMO: 9962574) transited the canal on August 30 - the largest vessel to ever do so. There were an average of 30.8 transits per day through the canal in August, up 4% versus July, according to the latest data* from the ACP. The larger neopanamax locks averaged nine transits per day last month, with the panamax locks averaging 21.8 transits per day. This compares to 10 transits slots available per day in the neopanamax locks during August, and 25 slots available at the panamax locks. https://lnkd.in/exAc_jRs

Free to view: The UK has announced its third round of shipping sanctions, targeting 10 tankers it says are part of Russia’s ‘shadow fleet’. All 10 are managed by the same UAE-based company, Lloyd’s List Intelligence data shows, and were previously managed by sanctioned Sovcomflot entities https://lnkd.in/evkjurXF

Exclusive: In a rare occurrence, an Iran-linked VLGC newbuild has been anchored off Houston since June. Its operators say they received a licence from Ofac to trade in the US https://lnkd.in/eHFmhVKW

Free to view: The clock is ticking. A potentially disastrous strike at US east and Gulf Coast ports may be just three weeks away. Containers loaded today in Asia and bound for key gateways like New York will arrive after the October 1 deadline, when the International Longshoremen’s Association has vowed to strike if a new contract agreement isn’t reached. Data on US imports underscores the enormity of the potential disruption, which could occur just a month before the vote on the US presidency and could spawn massive ship queues reminiscent of the Covid era. After all the misplaced angst over a possible strike at west coast ports in 2023, the consequences of a shutdown on the other coastlines this year would be even more severe. East and Gulf coast ports account for half of total US imports measured in teu and more than half measured in cargo tonnes. A west coast shutdown would have overwhelmingly impacted US imports from Asia, but not other source regions. In contrast, a shutdown of east and Gulf coast ports will not only impact Asian cargoes, it will cripple US imports from Europe and Latin America, with shippers having few options to reroute Read more below ⬇ https://lnkd.in/e3QiuVM4