London P&I Club sees 22%-plus rise in free reserves

Claims and investment performance were the main factors behind The London P&I Club reporting a surplus of $25.9m and an increase of 22.4% in free reserves to $141.4m for the to year to Feb 20. This represents a 74.8% increase in free reserves since Feb 20 2008, the club’s annual report has revealed. “The P&I […]

Bimco drafts Iran sanctions clause

Bimco, the world’s largest independent shipping association, has drafted a sanctions clause for time charter parties in response to the imposition of a fourth round of UN sanctions against Iran and by amended legislation expanding existing US sanctions against Iran that came into force on July 1. The clause, drafted with the International Group of […]