SMI Newsdesk Archives

Insurance business models may fall short of Solvency II requirements

Leading accountant and consultant Moore Stephens has warned that some existing internal business models in the UK insurance industry may not meet the standard required under Solvency II, the EU project to create a system of risk-based prudential regulation in the insurance sector.

Simon Gallagher, head of the Moore Stephens Industry Group, says, “Insurers face a variety of challenges in achieving Solvency II compliance, some of them entirely new to Read More…

Norway hits troubled waters

Norway’s major maritime players have expressed deep concern over their sustainability through the troubling years ahead, as the global financial crisis hits the country’s shipping activity head-on, reports Amy Kilpin from Oslo.

Classification society Det Norske Veritas (DNV) has warned that as many as 8,000 vessels could be affected by cancellations and lay-ups in the next few years, and has stressed that the Norwegian maritime sector has suffered Read More…

IMB identifies fake frozen fish shipments

The ICC International Maritime Bureau (IMB) has uncovered a number of suspicious shipments of frozen fish, all containerised and bound for mainland China.

Whilst carrying out routine checks on behalf of members on the authenticity of Bills of Lading, the Bureau identified several fraudulent shipments that shared a number of similarities. All of the shipments were bound for mainland China, but they originated from a number of different Read More…

Ice load monitoring makes Arctic Navigation safer

A three-year research project initiated by DNV has led to the development of an ice load monitoring system that provides bridge personnel with real-time information about the actual ice loads on the ship’s hull and shows satellite information about the ice integrated into electronic navigation maps.

According to the Norwegian class societyu, shipping activity in ice infested waters is increasing and seasonal variation, combined with the effects of climate change, Read More…

Unitor owner freezes prices as credit crunch bites

Wilhelmsen Ships Service, one of the world’s largest ship suppliers, has bowed to market pressure and announced a price freeze on thousands of its products with immediate effect.

In a statement, the company said it reflected its continuing policy to adjust prices to reflect market conditions and to share reduced operating costs and cost savings with customers wherever possible.

David Tandy, President of Wilhelmsen Ships Service (pictured), said: Read More…

Wallem gets talking with its seafarers

Wallem has joined Bernhard Schulte and Maersk in realising the benefits of installing more crew-specific telecommunications onboard their ships by rolling out the Blue Ocean Wireless GSM solution to about a quarter of its managed fleet. As of 6th March, 58 vessels had been successfully installed with the service.

Following the move, seafarers from more than 50 vessels will be able to call and text their loved ones Read More…

Iridium replaces ‘lost’ satellite

Satellite Communications airtime provider Iridium has completed the replacement of the operational Iridium satellite lost in the collision three weeks ago with a non-operational Russian satellite. The unique architecture of Iridium’s fully-meshed network of 66 satellites enabled the continuity of service to Iridium’s customers while one of Iridium’s in-orbit spares was prepared and maneuvered into the constellation.

“I am particularly proud of the Iridium and Boeing teams that manage our Read More…

Danish shipping in continuous growth

The large decline in the shipping industry will not make the Danish shipping companies lower their expectations. The crisis means that it may take a longer time to reach the ambitious goals, but they will be reached, according to Danmarks Rederiforening.

“Danmarks Rederiforening expects to see Danish shipping industry come through the international economical crisis strengthened and to keep on expanding its market share”, said Jan Fritz Hansen, CEO of Read More…

Brady reappointed as STW committee chairman

Rear Admiral Peter Brady, Director General of the Maritime Authority of Jamaica, has been re-elected chairman of the International Maritime Organisation’s (IMO) Subcommittee on Standards of Training and Watchkeeping.

This is the sixth consecutive time that Admiral Brady has been re-elected to this position, since his first election as chair in 2003.

Admiral Brady thanked the committee for itscontinued support and confidence in his work as Read More…

Kjerfve takes over at WMU

Dr Björn Kjerfve, Professor of Oceanography and Geography and Dean of the College of Geosciences at Texas A & M University, has been appointed as the new head of the World Maritime University. He will take up his new post in May.

Dr Kjerfve, who has dual United States and Swedish nationality, has recently overseen the $115 million renovation of a scientific drilling ship, JOIDES Resolution, which forms Read More…

Global Alliance formed to tackle ballast water threats

A Global Industry Alliance (GIA) has been formulated through a union between the IMO, four major shipping corporations and United Nations agency bodies in a bid to address the threat of marine bio-invasions caused by the transfer of alien species in ships’ ballast tanks.

The IMO’s Ballast Water Convention has pushed for technological development into compulsory management of ships’ ballast water in preventing the spread of species through Read More…

DMC completes phase one marine project

Dubai Maritime City has announced a major milestone in the project’s development with the completion of phase one of its marina comprising 44 berths.

A total of 1,000 berths are set to be featured within Dubai Maritime City, adding a significant number to the much-needed space required for leisure boats and crafts that are expected to enter the market over the next few years. Officials within DMC estimate Read More…