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Black Sea shipping rates rise as reinsurers cut cover

Costs for hiring ships to transport commodities from the Black Sea have risen by more than a fifth since the start of the year,...

Ukraine, Russia plane and ship insurance at risk from Jan 1

Insurers may refuse to cover planes flying to Ukraine or ships sailing through the Black Sea as reinsurers – who insure the insurers –...

Insurers Cover Grain Ship from Ukraine’s Black Sea Ports

Broker Marsh and Lloyd’s of London insurer Ascot said on Tuesday they have provided coverage for a vessel carrying grain and food products from...

Shipping Procedures Into Ukraine Still Not Ready, Lloyd’s Official Says

Key arrangements including procedures for ships still need to be worked out before empty vessels can come in and pick up cargoes from Ukraine...

Ship insurers seek more assurances on Ukraine grain corridor

Insurers will only be willing to cover ships sailing through a proposed corridor to get Ukrainian grain out if there are arrangements for international...

G7 Weighs Russia Oil-Price Cap Via Insurance and Shipping Ban

Group of Seven nations are discussing a cap on the price of Russian oil that would work by imposing restrictions on insurance and shipping,...

Insurer Must Pay Spanish Claim in Prestige Oil Spill, EU Court Says

Spain on Monday won backing from Europe’s top court in its mutli-million euros damage claim against The London Steam-Ship Owners Mutual Insurance Association for...

Sovcomflot Fleet Fully Covered By Russian Insurers

Russia’s state-run Sovcomflot has insured all its cargo ships with Russian insurers and the cover meets international rules, the chief executive said, after Western...

Moscow says it can bypass EU ban on insuring maritime oil deliveries to 3rd countries

Russia expects to get around the EU ban on insuring and financing seaborne deliveries of Russian oil to third countries by using state guarantees,...

UK Club financial position ‘strong’; ‘well placed to deal with future challenges’

The UK P&I Club, a leading provider of P&I insurance and other services to the international shipping community, announced its financial results for the...

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Wartsila: A challenging year with strong annual growth

HIGHLIGHTS FROM OCTOBER–DECEMBER 2022 Order intake decreased by 24% to EUR 1,638 million (2,150)Service order intake increased by 6% to EUR 791 million (747)Net sales...

Hapag-Lloyd achieves extraordinarily strong result in its anniversary year 2022

On the basis of preliminary and unaudited figures, Hapag-Lloyd has concluded the 2022 financial year – in which it celebrated its 175th anniversary –...

Bahri sees profits soar in 2022

Saudi Arabia’s Bahri has seen its profits soar by over 400% in 2022 following a boom in tanker rates, boosting the shipping giant’s oil...

Euronav Files Second Arbitration Against Frontline

Euronav NV hereby informs its shareholders that on 28 January 2023 it has filed an application request for arbitration on the merits in relation...

Oaktree looking at block sale of existing shares in Hafnia Limited

OCM Luxembourg Chemical Tankers S.à r.l. which is ultimately controlled by funds managed by Oaktree Capital Management L.P. (the "Seller") has retained Fearnley Securities,...

Baltic index logs worst month in 3 years

The Baltic Exchange’s main sea freight index registered its biggest monthly percentage fall in...

Baltic index snaps 9-day losing streak as panamax, supramax rates rise

The Baltic Exchange’s main sea freight index snapped its nine-session losing streak on Tuesday,...

Cyprus shipping making waves – report

Cyprus shipping, the steady driver of the economy, is sailing for better times, having...

Baltic index hits fresh multi-year lows on capesize dip

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index falls for seventh session on lower capesize demand

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...

Nigeria opens ‘game changer’ billion-dollar deep seaport

Nigeria opened a billion-dollar Chinese-built deep seaport in Lagos on Monday, which is expected to ease congestion at the country’s ports and help it...

SC Ports handles nearly 3 million TEUs in record 2022

South Carolina Ports had a record 2022 with the most containers ever handled at the Port of Charleston. SC Ports moved nearly 2.8 million TEUs...

January oil loadings from Russia’s Baltic ports set to jump 50% vs Dec

Urals and KEBCO crude oil loadings from Russia’s Baltic ports of Primorsk and Ust-Luga in January are set to rise by 50% from December...