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Monday, April 22, 2019

Risk Management News

File Image: AdobeStock / © Nightman 1965

Customs Demands Bigger Bonds as Tariffs Bite

Stephen Wang is counting the costs of President Donald Trump's trade war. He had to put down 12 times more cash as a guarantee to U.S. customs that he would pay the bill for tariffs on the Chinese-made pumps, valves and motors he imports.The cost of the guarantee - a U.S. customs bond - has shot up, an additional hit to importers already facing steep customs bills adding up to tens of billions of dollars for tariffs imposed by the Trump administration on incoming Chinese goods…

Securing, Enhancing America’s Ports & Supply Chain

The American Association of Port Authorities and its membership recently looked ahead at the challenges and opportunities facing the Port Security Grant Program.In its annual “State of Freight” series, AAPA has highlighted the transportation infrastructure needs of U.S. ports, state transportation agencies and multimodal projects. In this final report in the State of Freight series, AAPA turns to the vital role that security infrastructure plays in moving goods.In 2002, Congress…

Port Security: If you’ve seen one port, you’ve seen one port

ARES Security Corporation’s sophisticated AVERT C-2 platform integrates hundreds of disparate sensors and information sources to keep first responders aware of their immediate environment in real-time. In today’s dangerous and digital business environment, that also comes ‘just in time.’Retired U.S. Coast Guard Commandant ADM James Loy is widely credited with coining the now familiar phrase, “If you’ve seen one port, you’ve seen one port.” In the choppy wake of the 9/11 terrorist attacks…

River Raisin Dredging, Monroe, Michigan

U.S. Army Corps Selects 10 Beneficial Use Pilot Projects

At the end of December, the U.S. Army Corps of Engineers (ACE) announced its selection of ten dredging projects that will form the core of a pilot program to advance the beneficial use of dredged material.The recent U.S. Army Corps of Engineers’ announcement culminated a program required by Congress, established within the Water Resources Development Act (WRDA) of 2016, specifically Section 1122. Congress directed that the ten pilot projects selected were required to present environmental…

File Image: CREDIT AdobeStock / © Lidian Neeleman

Bunge Posts Q4 Loss as Trade War Hits Soy Prices

Global grains merchant Bunge Ltd reported a fourth-quarter loss on Thursday as fallout from the U.S.-China trade war dragged down soybean prices in Brazil.Shares of the White Plains, New York-based company slumped nearly 4 percent in premarket trading to $50.75 per share.Brazilian soy prices had swelled to a steep premium to U.S. beans after China slapped steep tariffs on shipments from the United States in July. But that premium narrowed after the countries declared a temporary truce in their trade war on Dec.

Photo provided by HudsonAnalytix-Cyber

Cyber Security Grant for HudsonTrident and Fundación Tito Mella

HudsonTrident, which offers security services for the maritime sector, and Fundación Tito Mella have received the United States Trade and Development Agency (USTDA) technical assistance grant to develop a national port cyber security assessment platform in the Dominican Republic.HudsonTrident’s HACyberLogix-informed assessment approach will enable four Dominican ports to cost-effectively assess their entire organizational cybersecurity capabilities and identify cybersecurity capability vulnerabilities.The assessments will support HudsonTrident…

Parker Harrison was named Crowley Maritime's SVP of procurement and risk management. (Photo: Crowley Maritime)

Crowley Promotes Harrison

Crowley Maritime appointed Parker Harrison to its leadership team as senior vice president of procurement and risk management, effective Jan. 1, 2019. Harrison, former VP of procurement, will continue to be based at the company’s headquarters in Jacksonville, and will report to Bill Pennella, vice chairman and executive vice president.In her new role Harrison will work across all of Crowley’s business units to strategically align risk management functions while continuing the company’s procurement transformation into a strategic center-led competency.

Victoria Freeman (Photo: KPI Bridge Oil)

KPI Bridge Oil Promotes Freeman to CFO

KPI Bridge Oil, a global trader and broker in marine fuels, marine lubricants and risk management products, has announced the promotion of Victoria Freeman to Chief Financial Officer.Freeman, 34, joined KPI Bridge Oil as Accountant in 2009 and was promoted to Group Financial Controller in 2013 when she took overall responsibility for the accounting and finance functions across the Group’s 9 offices worldwide. Coincidentally, she also celebrates her 9th anniversary with the Group on November 1…

Photo: BMT

BMT’s REMBRANDT Receives Full Mission DNV GL Certification

BMT’s integrated navigation and maneuvering simulator suite REMBRANDT has been awarded Class A, B and C certification from DNV GL. The certification further builds on BMT REMBRANDT’s 30-year history as one of the maritime industry’s most recognized advanced project engineering support tools, supporting marine pilotage, ship operations, port design and risk management associated with complex transportation infrastructure systems.This classification award verifies BMT as a quality…

Maritime Finance Lawyer Johnson Joins Haynes and Boone

Mark Johnson, a transactional lawyer and former naval officer and ship captain, has joined Haynes and Boone, LLP as a London partner in the firm’s Shipping Practice.Johnson has extensive experience advising on the construction, sale and purchase, financing, management, operation and ownership of all types of vessels, including some of the world’s largest super yachts. His clients range from major banks and oil companies to shipowners, leasing companies and shipyards.Johnson served 13 years in the Royal Navy…

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Singapore Exchange to Launch High-grade Iron Ore Derivatives

The Singapore Exchange said on Thursday that it will launch new high-grade iron ore derivatives in December, aiming to tap into a growing appetite for higher quality supplies of the steelmaking raw material.China's anti-pollution campaign has forced steelmakers in the world's top producer to shift to higher grade iron ore to curb emissions, in a boon for top supplier, Brazilian mining giant Vale.SGX said that the futures and swaps contracts will reference the Brazilian ore fines…

Image: KPMG

Oil And Gas CEO: New Tech Creates Opportunity

Data from KPMG’s 2018 Oil and Gas CEO Outlook, released Oct. 10, reveals that globally, almost all oil and gas CEOs believe new technology creates opportunities. Eighty-five percent are piloting or have already implemented Artificial Intelligence (AI).However, only 59 percent feel their organization is an active disruptor in their own sector, and 57 percent feel that the lead times to achieve significant progress on transformation can be overwhelming"Technology is disrupting the status quo in the oil and gas industry.

HudsonAnalytix and SQE Marine Team Up

SQE Marine of Piraeus, Greece, and HudsonAnalytix, headquartered in the Philadelphia, announced they have formed a Teaming Agreement between their respective organizations for collaboration in the broad area of maritime risk management. They will be working jointly to offer one another’s services and products to the shipping industry and to develop new offerings encompassing compliance, training and consulting.HudsonAnalytix and SQE Marine boast both diverse and complimentary capabilities and regional strengths.

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Maritime Industry's Slow Boat to Cyber Security

Ports making up for lost timeDespite the critical role the maritime transportation system plays in the economic health of the United States, and despite its fairly recent embrace of all things automated – cranes, vehicles, surveillance and even vessels – the sector has been slow to warm to the need to protect its digital systems and assets.Post 9/11, security concerns about the nation’s borders, air space and infrastructure, including ports, moved front and center for a brief moment before other concerns…

Chronis Kapalidis (Photo: HudsonAnalytix)

HudsonAnalytix Grows Security and Cyber Risk Management Team

HudsonAnalytix, Inc. has hired Chronis Kapalidis in London to focus on the enhancement and expansion of the firm’s strategic partnerships in Europe.An innovative researcher from one of the world's leading think tanks who is currently examining maritime cyber risk, Kapalidis brings with him his extensive field experience in maritime security operations in both the physical and cyber domains.“Chronis is a strategic thinker who will contribute the development of current and upcoming products and services in response to the shipping and port industries’ needs…

Dorothea Ioannou (Photo: The American Club)

American P&I Club Manager Prepares for Further Growth

Shipowners Claims Bureau, Inc. (SCB), the Manager of the American P&I Club, has recently announced a series of appointments designed to service the Club’s growing membership and help fulfil longer-term goals of continued expansion. The American Club has grown its membership substantially over recent years, tonnage having increased by some 25 percent over the past 24 months, and these appointments are intended to consolidate the Club’s continuing service capabilities in the future.The…

Image:  Allianz Global Corporate

Drones Will Take Off for Shipping, Says Allianz

Unmanned systems are finding a growing number of applications in the maritime sector, and have the potential to make a significant contribution to safety and risk management, says the Allianz Global Corporate & Specialty's (AGCS) Safety and Shipping Review 2018.These include assessing environmental pollution, monitoring cargo loading and pirate activity along coastlines and carrying out cargo tank inspections. Drones could enable faster, more informed decisionmaking on board, reducing the impact of any incident.

Graph: Allianz Worldwide

Shipping Losses Continue to Fall

Large shipping losses have declined by 38 percent overall in the past decade, according to the Safety & Shipping Review 2018 by Allianz Global Corporate & Specialty (AGCS).Further, the number of total losses declined by 4 percent to 94 last year, the second lowest number in a decade.“Insurance claims have been relatively benign, reflecting improved ship design and the positive effects of risk management policy and safety regulation over time,” says Baptiste Ossena, Global Product Leader Hull & Marine Liabilities…

Reed Peré (Photo: Danos)

Leadership Changes at Danos

Danos has appointed two executive team members to new roles: Reed Peré will serve as vice president of business development, sales and marketing, and James Callahan as the vice president of operations.Peré has over a decade of industry experience and began his career with Danos in 2006. He received the award for Danos’ Staff Employee of the Year in 2012 and joined the executive team as vice president of production services in 2015. In his new role overseeing sales, business development and marketing…

Isidoros Chandris (Photo: KPI Bridge Oil)

KPI Bridge Oil Athens Promotes Chandris

KPI Bridge Oil, a leading global trader and broker in marine fuels, marine lubricants and risk management products, announces the promotion of Isidoros Chandris to Senior Bunker & Lubricant Consultant. Isidoros joined KPI Bridge Oil’s London office as a Bunker & Lubricant Trader in 2014, and relocated to the Group’s Athens office as a Bunker & Lubricants Consultant in 2016. Before joining KPI Bridge Oil, Isidoros spent over four years working as an Offshore shipbroker in Houston and Oslo, and as an Operations Assistant and Bunker Trader in Piraeus, Greece.

(Credit: Fifth Ring, Ltd.)

MAC to provide Marine Assurance Services for Chrysaor

Maritime Assurance & Consulting (MAC), a Bureau Veritas company, has won a contract from Chrysaor for marine assurance services. The contract also includes engineering, DP assurance, marine warranty surveying (MWS), project assurance and compliance services. Chrysaor is focused on the development and commercialization of dormant oil and gas discoveries and incremental reserves. The company acquired stakes in 10 North Sea fields from Shell last year and was recently granted acreage in the UK’s 30th licensing round.

Hannibal Doubles Connections To Switzerland

Hannibal, Contship Italia Group's multimodal transport operator, has launched a second rail link to Switzerland on July 2, 2018. The new daily connection to Zurich (Niederglatt) complements the existing link to Basel (Frenkendorf), which is also served daily.With the additional link to Zurich (Niederglatt), Contship Italia doubles its services covering the growing Swiss market. The new link between Contship’s Rail Hub Milano (RHM) in Melzo and Niederglatt features a three-day…

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Allianz Expands, Improves Project Cargo Coverage

With an increased demand for large-scale production facility and infrastructure projects worldwide, the transport of high-value, critical equipment to these project sites has become more intricate and complex. To meet this growing need, Allianz Group’s specialist corporate insurer Allianz Global Corporate & Specialty (AGCS) has announced an expanded Project Cargo offering formed by a direct partnership with its Engineering division. Specifically, this new collaborative approach allows AGCS to provide continuous end-to-end coverage for companies managing unique and complicated risks…

Alysha Chambers  (Photo: KPI Bridge Oil)

KPI Bridge Oil Promotes Chambers to Marketing Manager

KPI Bridge Oil, a global trader and broker in marine fuels, marine lubricants and risk management products, has promoted Alysha Chambers from Group Marketing Coordinator to Group Marketing Manager.Chambers joined KPI Bridge Oil two years ago from a UK healthcare manufacturer where she was responsible for the company’s B2B and B2C marketing activities. Chambers has a MA degree from Kingston University, London in Marketing Communications & Advertising and a BA degree from Saint Leo University, USA in Communication Management.

Photo: DNV GL

DNV GL Invests in Public Blockchain Service Provider VeChain

DNV GL, the risk management and quality assurance company, has bought a stake in leading public blockchain service provider VeChain as it looks to use the technology to develop new digital assurance solutions. The acquisition builds on the strong relationship between the two firms and follows the recent launch of My Story, a blockchain enabled digital assurance product which gives a new level of insight into supplier and product information. DNV GL took the step to buy the minority stake as it recognises the growth potential in both the VeChain and the technology it is advancing.

Photo: Rolls-Royce

Partners Look to Tackle Risks of Autonomous Shipping

As industry efforts to make autonomous shipping a reality continue, Rolls-Royce and AXA Corporate Solutions have signed a letter of intent (LOI) to explore ways in which they can bring a new risk management offering to the marine market.The companies say they seek to utilize Rolls-Royce Ship Intelligence systems and equipment and AXA’s risk analytics capabilities to support current sailing and future vessels."Combining AXA’s Marine Underwriting expertise and Rolls-Royce Ship Intelligence will enable both companies to deliver higher customer value through continuous innovation…