Now Is The Time To Manage The “Unthinkable” Risks, Says IUMI President

Opening this year’s International Union of Marine Insurance (IUMI) annual conference yesterday in Cape Town, South Africa, IUMI President Dieter Berg impressed on delegates the need to manage “unthinkable” risks. He highlighted a series of losses that, until recently, would have been assessed as “unthinkable”, these included: Deepwater Horizon (insured loss US$6bn), Costa Concordia (insured
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GE offers a comprehensive suite of marine gas turbine, digital analytics and maintenance solutions for commercial ships, the company reported at the Gastech 2018 industry trade exhibition. Lloyd’s Register (LR) recently granted GE Approval in Principle (AiP) as ‘Digital Twin READY’ for GE’s Predix Asset Performance Management. This innovative, first-in-class AiP allows GE to provide
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At yesterday’s IUMI conference in Cape Town, Chair of the Ocean Hull Committee, Mark Edmondson, highlighted a continuing deterioration of premium income against the more positive picture of an improving risk profile. However, the international market has shown signs of improvement during 2018, although continuing volatility and uncertainty in many sectors remained a concern. “Whilst
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Speaking at this week’s IUMI (International Union of Maritime Insurance) conference in Cape Town, South Africa, Donald Harrell, chair of IUMI’s Facts & Figures Committee, reported a successful conclusion to IUMI’s large loss database pilot project. “For the past year, we have been running a project to understand if it is feasible for IUMI, through
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KVH, a leading provider of maritime connectivity and content solutions, is delighted to pledge its support for Women in Maritime, an initiative of industry group Maritime UK. The Women in Maritime campaign aims to promote fairness, equality, and inclusion within the maritime sector, bringing together leaders from across the maritime sector to identify practical steps
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The Ocean Cleanup, the Dutch non-profit organization developing advanced technologies to rid the oceans of plastic, on 8 September 2018 launched the world’s first ocean cleanup system from the San Francisco Bay says an official release.   The cleanup system (“System 001”) is heading to a location 240 nautical miles offshore for a two-week trial before
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Leading marine software company, Helm Operations, announced that it now has more than 3000 vessels subscribing to Helm CONNECT, its industry-leading maintenance, compliance, personnel, and vessel operations software. This achievement highlights the incredibly rapid growth of demand for the software platform, which was officially released just 24 months ago. Based in Victoria, BC, Helm Operations
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A 78-year-old man was evacuated from the Liberian flagged crude oil tanker Evrotas in the evening hours of September 12. According to details provided by the US Coast Guard, the man was suffering from chest pains while the tanker was sailing near Ambrose Channel, New Jersey. Watchstanders at the Coast Guard Sector New York command center received
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Russian shipping firm Sovcomflot has entered into a cooperation deal with the Bank for Development and Foreign Economic Affairs (Vnesheconombank) and VEB Leasing related to shipbuilding projects. Under the trilateral agreement, which was signed on September 12, 2018, the parties would jointly participate in the implementation of shipbuilding projects at Russian shipyards and import substitution projects.
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INTTRA, the largest neutral network, software and information provider at the center of the ocean shipping industry, today announced availability of Antillean Marine on its carrier network, highlighting the increased adoption of INTTRA by regional carriers. INTTRA announced Antillean joined its network in March (press release) and today is announcing that the carrier completed integration
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