Civil Liability to be Imposed on Owners

Civil Liability to be Imposed on Owners

A bill imposing civil liabilities on shipowners who cause oil spills and damage the marine ecology was passed by the National Legislative Assembly (NLA) recently. The bill also requires both Thai and international ships with a freight capacity of more…

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Massive Investment Needed for Shipping

Financing of the shipping industry is again on the agenda as new investments are needed to keep up with the upcoming fleet renovation drive and market growth. According to Clarksons data, the cost of financing the shipping industry over the…

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Ship Operating Costs Take Tumble

International accountant and shipping consultant Moore Stephens says total annual operating costs in the shipping industry fell by an average of 0.3 per cent in 2013. This compares with the 1.8 per cent average fall in costs recorded for the…

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Lawyer Look for Red Flags

Maritime law is, perhaps, at its most dramatic when it comes to ship collisions. Often lawyers will seek to identify “Red Flags” which hint at problems onboard, and which have likely contributed to the incident. A “red flag”, in English,…

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Maersk Looking to Buy Back Shares

Danish shipping group A.P. Moller-Maersk which announced a maiden $1 billion (609.87 million pounds) share buyback last month, could be placed to hand back even more cash to investors, funded by asset sales and strong cash flows, analysts said. Speaking…

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Underwriters Slashing Hull Premiums

Veteran underwriter Jonathan Jones has claimed that top Norwegian insurers are slashing rates to unsustainable levels – as two top marine insurers offer hull cover for as little as 0.07% of vessel values. Gard and Norwegian Hull Club protection-and-indemnity (P&I) mutuals…

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Ships Running Away from Arrest

Second vessel has evaded arrest warrants issued by Maltese courts in the last few months. On August 26, Madra, a 100-metre general cargo vessel registered in Belize, fled the waters of Malta to avoid arrest warrants over outstanding debts of…

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Public Clamour for Canal Investment

A total of E£3bn was raised on the first day of selling Suez Canal investment certificates to the public. The investment certificates issued are offered in three classifications: EGP 10, EGP 100, and EGP 1000. Revenues from the 10 EGP…

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Marine Insurers Tackling Key Issues

The International Union of Marine Insurance (IUMI) has released details of the agenda for its September Annual Conference in Hong Kong. The Conference has the theme “Building Expertise for a Changing World”. Discussions and speakers will focus on topic specific…

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Arctic Risks Versus Rewards

Marine insurance companies are currently assessing the potential risks and rewards of insuring ships for transit through the Arctic. In recent years, receding polar ice caps and the development of nuclear icebreakers has made the shipping industry consider the possibility…

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