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The International Group is right. The Russia oil price cap is unenforceable
The onus to sort this mess out rests with the politicians, not marine insurers. Given the inordinate amount of time the US Congress took just to agree Kyiv’s request for more shells, hopes can sadly not be high
Parallel fleet of dark tankers shipped just over half of Russian oil in April setting fresh record
Sixty-four percent of tankers calling at the Federation’s ports in April, measured by deadweight, had no known P&I insurance
X-Press Pearl arbitration must be heard in London not Sri Lanka, high court rules
Claimants bound by terms of insurance contract and ‘pay to be paid’ clause applies, Mr Justice Bright finds
‘Leaky’ Russia oil price cap being ‘breached left and right’, UK parliamentary inquiry told
The Treasury Select Committee, investigating whether Russian sanctions are working, was told of the parallel fleet operating outside G7 countries’ control to ship Russia’s crude and evade sanctions
Vessel Protect ups limits for hull and cargo war risk
Move comes after Howden’s recent launch of cargo facility for Red Sea
Italian shipping lawyer joins criticism of EU sanctions on Russia
‘Shipping is a very old market and people who are a little bit too smart have always been there. The problem is, if you want to really cope with the situation, you need a lot of expertise,’ argues Enrico Vergani in an interview
Insurers tell UK government that oil price cap is ‘increasingly unenforceable’
Shipping’s P&I clubs have been struggling with the requirements of the G7 oil price cap since its inception. But as the UK government prepares to examine whether Russian sanctions are working, shipping’s insurers have gone on the offensive to explain why the price cap is flawed and is driving more ships directly into the dark fleet
UK Club beefs up loss prevention work
The move will see safety and risk management, claims and underwriting teams work more closely together to adapt cover offered by marine mutual
India allows three more Russian entities to provide marine insurance
Move will facilitate imports of crude in face of Western price cap
Lack of insurance a threat to safety of navigation, nations tell IMO
A recent oil spill from a capsized barge, which damaged the coastline of Trinidad and Tobago, was just one example of what can happen when unsafe vessels sail without insurance
Tankers clock up steepest rise in marine insurance costs
Data from Baltic Investor Indices points to broadly steady market for past four quarters, but limited increases for some vessel types
Shipowners’ Club holds steady at 2024 renewal
Break-even underwriting result and ‘excellent’ investment return means marine mutual is in ‘very good health’, insists chief executive Peacock
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