SMI Newsdesk Archives

UK Chamber of Shipping welcomes news of Brexit Deal

The UK Chamber of Shipping has given its reaction following news that EU and UK negotiators have agreed a new Brexit deal.

The agreement, announced this morning (Thursday) ahead of an EU leaders’ summit, follows weeks of inconclusive talks.

The UK Chamber of Shipping statement said: “We broadly welcome the agreement reached by the European Union and UK Government. This deal provides the basis for a negotiated settlement with a Read More…

Castrol advises industry to prepare for a ‘new normal’ in environmental compliance

Lubricants producer highlights persistent change on the horizon, adding that current compliance preparations are the start of wider industry journey

Global lubricants supplier Castrol today (Thursday) advised the shipping industry to expect a period of ‘new normal’; where continuous change in environmental compliance standards is driven by regulation, adding layers of technical complexity for owners and operators.

With the shipping industry currently preparing for the IMO 2020 global sulphur cap, Read More…

European shipping industry urges the EU to bolster maritime security in the Gulf of Guinea

European ship owners are extremely concerned about the increased numbers of piracy incidents and the continued levels of violence in the Gulf of Guinea.

The latest International Maritime Bureau (IMB)’s Piracy & Armed Robbery Report report demonstrates that the Gulf of Guinea has become increasingly dangerous for seafarers. In the first nine months of 2019, the region accounts for 86% of the 49 crew taken hostage and 82% of the Read More…

Bureau Veritas Solutions calls for industry to embrace the benefits of ship recycling best practice

Bureau Veritas Solutions Marine & Offshore is encouraging the shipping industry to embrace higher standards in ship recycling and offering its guidance to help meet the challenge of compliance. BVS, with a network of trained experts world-wide, provides ship owners, ship managers and ship recycling facilities with a full scope of services to support compliance. This is both during the operational life of a vessel and through the end-of-life phase, Read More…

Two of the world’s first LNG Dual-Fuel Dynamic Positioning Shuttle Tankers unveiled in South Korea

Petroleum tanker owner and operator AET today (Wednesday) named its newest vessels, two of the world’s first LNG Dual-Fuel Dynamic Positioning Shuttle Tankers (DPSTs).

The vessels, the cleanest DPSTs ever built, will emit 40 to 48% less carbon than equivalent vessels built in 2008, meeting the International Maritime Organization’s (IMO) target of reducing carbon (CO2) emissions by 40% against 2008 baselines by 2030, and halving CO2 emissions by 2050.

These Read More…

WMU and AHHIC sealed their cooperation in marine insurance

The World Maritime University (WMU), founded by the International Maritime Organization (IMO), has widened its focus to include the marine hull and machinery insurance sector for the first time, thanks to a new cooperation with American Hellenic Hull Insurance Company (AHHIC).

On the occasion of Maritime Cyprus 2019, hosted by the Deputy Ministry of Shipping and the Government of Cyprus, the World Maritime University and American Hellenic Hull Insurance Company Read More…

IBM joins Mayflower Autonomous Ship project

IBM announced today (Wednesday) that it has joined a global consortium of partners, led by marine research organisation ProMare, that is building an unmanned, fully-autonomous ship that will cross the Atlantic on the fourth centenary of the original Mayflower voyage in September 2020.

The Mayflower Autonomous Ship (MAS) will use IBM’s servers, AI, cloud and edge computing technologies to navigate autonomously and avoid ocean hazards as it makes its way Read More…

Clyde & Co’s Middle-East Deal Study reveals buyer-friendly yet cautious M&A market

Clyde & Co has released its 2019 Middle-East Deal Study, which shows that both deal volumes and aggregate values have increased since 2017 despite relatively tougher market conditions: deal value is up 57% to $3.15 billion and the number of deals has increased by 14% to 89 deals. Now in its fourth edition, this annual report observes trends and developments in the mergers and acquisitions (M&A) and joint ventures (JV) Read More…

Listening across generations

GAC has tapped into the psyche of its younger generation of employees to understand the issues that will drive growth and sustainability in the future.

The GAC Millennials Ideas Forum was held in Dubai in late September when 21 millennials selected from across the globe came together to identify their big issues and provide insights and ideas for making GAC a better company and the world a better place.

“We Read More…

Britannia returns more funds to Members and moves away from General Increase

The Britannia Steam Ship Insurance Association Limited has declared a $15 million capital distribution to its mutual Members.

In August 2019, S&P re-affirmed Britannia’s A (stable) rating with capital well above the AAA level and an ‘exceptional’ liquidity rating.

However, the 2018/19 policy year was challenging, with lower than projected investment returns and claims being higher than expected.  Claims continue to be high, in particular those in excess of $1 Read More…

Schulte Group cements commitment to Cyprus’ maritime cluster with upgraded premises for BSM’s Maritime Training Centre Cyprus

The Schulte Group and the Cyprus Ports Authority signalled a new chapter in their 47-year-long partnership during the inauguration ceremony of the new façade of the BSM Maritime Training Centre Workshop Training Facility.

Held in conjunction with the recently concluded Maritime Cyprus Conference on 7 October 2019, the inauguration ceremony was officiated by Yiannis Sykas, BSM’s Director of Strategy and Product Development, and Nicos Nicolaides, Mayor of Limassol. The ceremony Read More…

Agents encouraged to act quickly on shippers’ instructions, warns ITIC

International Transport Intermediaries Club (ITIC) warns agents to respond to shippers’ requests in good time, or face the possibility of financial penalties.

The insurer cites a recent case where a container of frozen beef was being carried on a liner service from Australia to China. Seven days after the vessel had departed, the shipper noticed that it had failed to obtain the necessary health declaration from the Australian authorities. The Read More…