Infrastructure News

 

Russian Strikes on Ukraine's Ports Push Insurance Rates Up

Oct 11, 2024

A series of Russian missile strikes on Ukrainian Black Sea port infrastructure and commercial vessels has led to a jump in insurance costs and forced some shipowners to cancel bookings, insurance sources and a broker said on Thursday.Russian ballistic missiles attacked the port infrastructure of Ukraine's southern Odesa region on Wednesday, becoming the third such attack in the past four days.'Russia is deliberately intensifying its attacks on the port infrastructure of the Ukrainian south…

AI-Powered Vessel Tracking and Monitoring

Oct 09, 2024

A partnership between Iceland's TM Insurance and Hefring Marine promises to bring the 'big brother is watching' mantra foward faster in marine operations.Touted as an AI -driven ‘digital assistant’, the primary target for this offering are the helm stations of fast craft…

Brokers Launch Port Disruption Insurance Amid Shipping Chaos

Sep 20, 2024

Broker Marsh and Lloyd's underwriter Tokio Marine Kiln (TMK) have set up business interruption insurance for ports to provide cover against growing trade disruption risks such as threats to shipping in the Red Sea, executives involved said.Ports…

Marsh Launches $50M Port Blockage Insurance Facility

Aug 21, 2024

Marsh launched a $50 million port blockage insurance facility, covering shipping ports and terminals around the world.Created by Marsh following the collapse of the Francis Scott Key Bridge and subsequent disruption at the Port of Baltimore…

Kevin King Takes Over as TT Club CEO

Aug 01, 2024

Transport and logistics insurer TT Club announced Thursday that Kevin King has stepped into the role as CEO, succeeding Charles Fenton effective August 1.Originally based in the U.S., King has long held positions within Thomas Miller managed businesses…

Lloyd's Insurers Expect Moderate Baltimore Bridge Claims

May 02, 2024

Lloyd's of London insurers Hiscox and Lancashire do not expect large insurance claims from the collapse of Baltimore's Francis Scott Key Bridge in March that caused widespread disruption, they said on Thursday.Some estimates for the total insured…

Russia Reinsurer Backs Firms to get India Marine Insurance Permit

Apr 25, 2024

Russia's state-owned reinsurer has given financial backing to three Russian insurance firms, allowing them to get Indian approval to provide marine insurance cover to tankers, two sources said, as Moscow seeks to facilitate trade with India amid Western sanctions…

Crumbling Great Lakes Ports Infrastructure Makes Port Insurance Even More Critical

Apr 04, 2024

The state of Great Lakes port infrastructure is one of the biggest issues facing the U.S. and Canadian maritime industries. According to the America Great Lakes Ports Association, “Due to years of inadequate funding, the U.S. Army Corps of Engineers…

Wallenius Wilhelmsen Sees Up to $10 Million Hit from Baltimore Disaster

Apr 03, 2024

Norwegian car shipping firm Wallenius Wilhelmsen estimates a $5 million to $10 million hit to core earnings from last week's U.S. Baltimore bridge collapse and expects the key ship channel to be closed for weeks, it said on Wednesday.The company…

Ukraine Expands Ship War Insurance with Marsh & Lloyd's to Iron Ore, Steel

Mar 01, 2024

Insurance broker Marsh and Lloyd's of London underwriters have expanded a marine war insurance program backed by Ukraine from grain shipments to all non-military cargo, such as iron ore and steel, Marsh said on Friday.Marsh, Lloyd's and Ukrainian…

Maersk debuts Israel Shipments Surcharge to Cover Insurance

Dec 07, 2023

A.P. Moller-Maersk said it will introduce a risk surcharge next year on container shipments to Israel to cover rising insurance premiums due to the security situation.'Moving into 2024, insurance premiums continue to be raised for vessels bound for Israel…

Marsh, Lloyd's, Ukraine Launch War Risk Ship Insurance to Cut Grain Costs

Nov 15, 2023

Insurance broker Marsh MMC.N, Lloyd's of London insurers and Ukrainian state banks have launched a programme to cut the cost of claims for damage to ships and crew transporting grain through the Black Sea corridor, Marsh said on Wednesday.Kyiv…

Israel's Ship Industry Urges Government to Help with Jump in War Insurance

Nov 02, 2023

Ships sailing for Israel face a 10-fold jump in war risk premiums as the conflict in Gaza intensifies, prompting industry calls for the government to help ensure vital imports keep coming.Israel has vowed to annihilate Islamist group Hamas after…

TT Club Appoints Regional General Manager for APAC

Oct 09, 2023

Kamel Tlili takes up the role of Regional General Manager Asia-Pacific for international freight and logistics insurer, TT Club based in its Singapore office.Tlili joins TT after a period of six years leading British Marine’s P&I Underwriting Division in Asia at QBE…

Ship Insurance Facility Set Up for Ukraine Grain Exports

Sep 26, 2023

A new marine insurance facility for Ukrainian grain exports using the country's sea corridor has been set up in conjunction with Ukraine's authorities, insurance broker Miller said on Tuesday.Russia quit a U.N.-backed deal in July to enable exports from Ukraine to sail from three approved ports…

Logistics News

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CMA CGM's Profit Jumps on Buoyant Demand

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