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Maritime Intermezzo

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We hope you'll join our BLOG as we explore and collaborate to implement solutions to the common challenges we share in our businesses.

Discussion topics include: Arbitration, Admiralty and Maritime Law, Big Data, Brokering, Chartering, Insurance...

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Most of us do a professional job - a fair day's pay for a fair day's work - the findings in the DNVGL Gard report: "weather, strength of the currents and water depth, played a significant role in the loss." Really these are the basics. In fact a similar report was issued in 2011. In a five year review of anchoring practices locally (Dubai) the number one reason for anchor dragging and loss was too short a scope of chain. The number one reason given by the ship's master for the short scope of chain, wanting to be able to get underway quickly when the harbor master called for port entry. When asked about the anchor windlass' rated speed most of the ship's master where unaware of the time it took to pick up a shackle. The harbor master is not on the hook for explaining the loss of the anchor the Ship's Master is. Commercial considerations often cloud judgement. Ship's Masters need to stick to the Fundamentals.

The outlook for cruise and tankers remains positive in spite of Moody's shift to negative on global shipping. Moody’s Investors Service (Moody’s) has changed its outlook on the global shipping sector to negative as it expects supply growth to outpace demand growth in 2016 by more than 2%, suppressing freight rates, particularly in the dry bulk and container ship segments. Ships are being converted,recycled and re-positioned, contracts renegotiated and rewritten. Fortune does favor the bold and business does favor certainty. A solid relationship built on years of trust through transparency and excellent service will sustain those businesses that have invested in understanding the fundamentals of the industry - and their partners.

Allianz's claims in their 2016 annual Safety and Shipping Review shipping losses continue a long-term downward trend with 85 total losses reported worldwide in 2015. The report claims this trend is in large part driven by an increasingly robust safety environment and self-regulation."The fact that superstorms are causing ships to sink is concerning,” says Sven Gerhard, Global Product Leader Hull & Marine Liabilities, AGCS. “We are seeing more and heavier natural catastrophe events." Gerhard further stated "we don't know why [ships are driving into heavy weather] it is happening but Weather routing will continue to be a critical component to the safe navigation of vessels.”

Is this like stating that freight trains are causing more cars to crash into them at rail crossings?

For the full Allianz Report, please click the link under NEWS