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INDUSTRY - NEWS Marine insurers must face up to new challenges Marine insurers have been hit by the devastating fall in volumes and values in global trade and by the dramatic drop in ship values, all combining to decimate premium income, the International Union of Marine Insurance (IUMI) said at its annual London winter meeting. In spite of one or two rises in the freight markets, the shipping slump continues to inflict serious damage on many shipowners, shipbuilders, ports and service providers. If a general recovery does materialise this year, it will be slow and painful. IUMI president Deirdre Littlefield of Starr Marine, New York said that underwriters were braced to tackle new problems, which were emerging as a result of the ongoing slump. She said: "Newbuild cancellations and deferments are increasing, but a huge amount of tonnage still is due to be delivered this year and next. Regrettably, we have not seen a significant leap in the scrapping rate of old ships, which is almost beyond belief in the present crisis. "Understandably, owners and charterers are doing all they can to reduce costs. If this means skimped maintenance and deferred repairs, however, it's bad news for insurers who cover hull, cargo and liability risks. The situation is compounded by the emergence of new problems. These are mainly technical but could lead to big headaches for underwriters. "For example, fuel management is quickly developing into an urgent issue. The ever more stringent requirements of MARPOL rules for reducing emissions means that the type and quality of bunker fuels are of vital concern. If on board fuel management goes wrong, there can be potential catastrophic consequences. "Of equal concern is the impact on machinery from the growing trend of slow steaming, now being strongly advocated by a number of operators as the way ahead to combat high fuel prices until seaborne trade picks up. However, many large, high-speed diesel engines are designed to operate only at sustained high service speeds. "In another area, underwriters, through surveyors, need to monitor the standard of repairs carried out at yards which have been equipped for new construction only but which are now desperate for work. "Laid-up ships is another worrying factor. Underwriters need to pay close attention to the various degrees of lay-up we are seeing, including the conditions of cover for trading for vessels which have been idle without being deactivated, or just lying at anchor or drifting awaiting firm orders, often with minimum maintenance and prone to collisions or typhoon damage. “BMT Marine & Offshore Surveys (incorporating the former Salvage Association) reckons there are 150 to 200 ships lying in non-designated anchorages (outside port limits) along the Straits of Malacca and Singapore. "Cold lay-ups (six months or more) can Isle of Man gets closer to Japan produce huge problems. The bigger the ship, the bigger the problems. Many things can go wrong during lay-up and reactivation. For instance, if the ship's computers are closed down, how do you reactivate a dead ship without the computers working? "Last but by no means least, underwriters need to be careful as to whether on board standards have dropped in the past year through owners cutting corners to reduce operating costs. The slump has helped the seafarer shortage problem to some extent, but there is still an urgent need to recruit and train good quality officers. Owners are under great pressure but training budgets should not be reduced. "The overhanging threat of seafarers risking their lives or being held hostage for many months by pirates must be deterring many people from pursuing a seagoing career. The IMO has declared 2010 the ‘Year of the Seafarer’, and that includes crew welfare as well as recruitment and training. Insurers are aware of the risk to hull and machinery, and of course cargo, if crews are fatigued, discontented or suffering poor food or conditions. And the continuing trend to criminalise seafarers creates yet another negative image for shipping that impairs recruitment," Littlefield concluded in her address. More than ever, the IUMI president concluded, there is an acute need for underwriters to focus clearly and selectively on the risks presented to them and aim for a price that is realistic yet fair. The Isle of Man Ship Registry has signed a Memorandum of Understanding (MOU) with Toko Maruraku Transportation in Tokyo. It was signed in order to facilitate the registration and related services to its growing number of Japanese clients. The services that Toko Maruraku Transportation can perform include the registration of vessel and mortgage registration. For its part, the Isle of Man Ship Registry has agreed to provide all the necessary support to the Japanese concern. This agreement allows Toko Maruraku to nominate appointed agents to act on behalf of the Isle of Man flag, including the authority to issue documents of the Isle of Man Ship Registry, as well as verifying receipt of signed documents. It means that for the first time owners based in Japan and in other east Asian markets will have instant, real-time access to Isle of Man flag services and vessel registration issues on a localised basis. Dick Welsh, director of the Ship Registry said: “This Memorandum of Understanding represents an important step forward for the Isle of Man Ship Registry. Japan is a country we have proactively targeted with our marketing efforts, especially over the past year. This is starting to pay off with several new registrations being secured recently.” Last year, the registry revoked its proposed annual fee increase in response to the tough times faced by many of its shipowner signatories. The registry said the Isle of Man Government’s Department of Trade and Industry had agreed it would maintain the flag’s current fee levels until at least April 2010. At the time, the Isle of Man Government’s DTI Minister, David Cretney MHK, said: “This unprecedented move should allow shipowners and operators to consolidate their position in these trying economic times and send a very clear message that in these challenging times, the Isle of Man Ship Registry remains flexible and adaptable to changes affecting the global shipping industry.” The Ship Registry’s annual fee increase is based upon an assessment of its budget requirements, taking into account the cost of operating an international ship register in the face of increasing international requirements and costs of providing global services. 06 TANKER<strong>Operator</strong> January/February 2010
MIRACLE Tank Cleaning Guide provides tank cleaning guidance and detailed information for about 7000 Annex I and II cargoes. MIRACLE contains physical/chemical properties, adjacent cargo coating and FOSFA-compatibility check, IBC requirements, emergency response info and compatible Draeger tubes. Some 200 customers, having MIRACLE in use on more than 1000 ships report less tank rejections, decreased cleaning time and cost reduction as a benefit. MIRACLE is available as • Book with annual updates (DIN A4 1000 pages) • CD with annual updates (local installation) • Online continuously updated (web-based access) For more informations please visit or contact www.chemserve-marine.com info@chemserve-marine.com Hubertuskamp 8 D - 21521 Dassendorf phone +49 4135 - 808630 fax +49 4135 - 808631 info@chemserve-marine.com www.chemserve-marine.com MIRACLE as Book anytime and anywhere MIRACLE as CD runs without internet MIRACLE Online no installation necessary CDI SIRE Terminal Inspections Port State Control Flag State Inspections Class Inspections Vetting and HSE Monitoring Tool Repository for all shipboard inspections and events. Integrated follow up system. Automatic import of vetting inspection reports. Test our free 3D demo Fleet Reports Near Miss Reports Management Reports Repetitive Questions Most Frequent Deficiencies acc OCIMF Marine Injury Report Ship Visit Reports Internal Audits Navi Audits TMSA Overdue Items Report Oil Major Reports Ship Reports Marine Injury Reports Vessel/Cargo Damages Machinery Damages Environmental Incidents Near Misses Non Conformities Hubertuskamp 8 D - 21521 Dassendorf phone +49 4135 - 808630 fax +49 4135 - 808631 info@chemserve-marine.com www.chemserve-marine.com Vetting Status Report
Page 1: TAKEROperator JANUARY/FEBRUARY 2010
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