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Monday, June 17, 2019

Risk Management News

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Cyber Risk Management: What Maritime Professionals Need to Know Now

The IMO January 2021 deadline for shipping interests to incorporate cyber risk management into their existing Safety Management Systems is fast approaching. It is critical that stakeholders understand their vulnerabilities. The IMO has issued MSC-FAL.1/Circ.3 guidelines on maritime cyber risk management that does a good job of outlining the many vulnerable systems within marine operations, including:1.Bridge systems;2. Cargo handling and management systems;3.Propulsion and machinery management and power control systems;4.

Logo: OSM

OSM Maritime Launches OSM ON

Ship management company OSM Maritime has launched a portfolio of ‘industry first services’ with the introduction of OSM ON. The new product will be offered to a customer base that not only includes owners, but also insurance companies, financial institutions and brokers. It utilizes the company’s recently opened Maritime Operations Center in Singapore – which digitally connects all vessels under OSM management, and all activities with real-time visibility and transparency – to provide 24/7 response and risk management support services.

Admiral Thad Allen, U.S. Coast Guard retired

Thad Allen Joins HudsonAnalytix

HudsonAnalytix, announced that Admiral Thad Allen, U.S. Coast Guard retired, has joined their operation as a Senior Executive Advisor.Admiral Allen served as the 23rd Commandant of the Coast Guard from 2006 to 2010. He will be focusing on risk management for the global maritime transportation sector served by Hudson. Focus areas include regulatory and policy issues, crisis response and disaster management, environmental compliance, and cyber risk to shipping, ports, and supply chains.

Mjølner, MID-SHIP Partner for Product Solutions

Mjølner Shipping Holdings LLC and MID-SHIP Capital LLC has announced the expansion of their joint venture with the launch of their second fund, Mjølner Product Solutions LLC.Mjølner Shipping Holdings LLC (“Mjølner”) and MID-SHIP Capital LLC (“MID-SHIP”) has announced the successful closing of a product tanker-focused investment fund, Mjølner Product Solutions LLC (“Product Solutions”), a Marshall Islands company.Product Solutions was formed to provide investors with efficient…

Ports Part of Solution, Not the Problem - BPA Chair

Martin Lawlor, Chief Executive at the Port of Blyth and Chair of the British Ports Association: "Ports part of the solution, not the problem on a range of challenges facing the UK."A record turnout of over 300 guests gathered in London today for the British Ports Association’s annual lunch and AGM, which struck an optimistic tone about the role of ports in supporting a range of economic and environmental goals.Maritime Minister Nusrat Ghani MP, speaking at the lunch, said: “Ports are key to the vitality of the UK economy – underpinning regional and national growth.

ChartWorld’s Oliver Schwarz and NAPA’s Risto Kariranta are excited to start collaboration in providing AI-driven voyage planning and optimization. (Photo: ChartWorld)

NAPA and ChartWorld Partner for 'ai'

NAPA, a leading maritime software, services and data analysis provider and ChartWorld, a leading digital chart agent, has announced their partnership to provide revolutionary artificial intelligence-driven voyage planning and optimization.Oliver Schwarz, ChartWorld’s Business Development Director, commented, “In today’s era of constant regulatory change and cost volatility, vessel efficiency and safety are more important than ever. Through the integration of ChartWorld’s industry-leading voyage planning with NAPA Fleet Intelligence…

Cynthia Hudson, CEO of HudsonAnalytix

Aon, HudsonCyber team for Maritime Cybersecurity

Aon and HudsonCyber are joining forces to provide enterprise-level cyber security capability assessment, integrated cyber breach response, and mitigation support to the global marine industry.“We see a real need for collaborative thinking in respect of an enterprise level cyber security methodology for our clients," said Lee Meyrick, CEO of Global Marine at Aon. "It is important to understand cyber risk exposures, mitigation strategies and maximizing the effectiveness of their programs.”Bringing together Hudson’s HACyberLogix cyber security assessment program and Aon’s cyber risk transfer…

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…

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…

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…

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.

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…