Soaring claim costs transform marine insurance market

Hull claim insurance costs in 2007 have gone up 86% over five years, according to Norway's Central Union of Marine Underwriters' (CEFOR).

The "alarming trend" of high costs have resulted from a low US dollar, strong market conditions and the rising price of raw materials and expense increases in meeting claims such as higher towage and salvage rates, cargo values, pollution fighting equipment, replacement parts and lack of capacity in repair yards, said CEFOR. "Increased environmental sensitivity has created more complex and costly salvage and wreck removal situations," it said, adding that with claims costs likely to continue growing in the future, the industry must take further steps to manage costs without risking safety. According to the 2007 Nordic Marine Insurance Statistics (NoMIS), the average cost of a claim occurring during the period between 1995 and 2003 was $210,000. In 2007, the average claim cost rose to $386,000.

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RTA to restructure marine mass transit systems in Dubai

The Marine Agency at the Roads and Transport Authority (RTA) in Dubai is planning to restructure the marine mass transit systems in Dubai so as to improve efficiency, according to a senior official from RTA.

The agency has compiled a study in this regard.

"The agency is considering restructuring on operational lines and has come up with feasible and constructive proposals," according to Mohammed Obaid Al Mulla, CEO of Marine Agency. "These proposals aim to work out a well-defined methodology through which the basis of selecting operational modes could be established in accordance with the routes of existing and future mass transit lines," he said.

"Two more studies will follow soon. The first one will assess infrastructure requirements of marine transport and services, procedures of booking and allocating locations of stations," he said, adding that the second study would focus on planning locations of logistical support points for the fleet of marine transport.

This study includes booking locations for logistical support, refuelling, depots and maintenance points, as well as associated services required by passengers and clients.

Al Mulla hinted that the introduction of this methodology would bring about multiple benefits to the agency such as a 100 per cent elimination of the competition between the water bus and abra.

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Shanghai - Ningbo - Xiamen - Singapore.

When the EU5 service commences, the EU3 service will omit Xiamen, and the EU4 service will omit Ningbo.

Both calls have been transferred to the EU5 service.

The Grand Alliance, formed in 1998, is the leading integrated consortium in global container shipping. Its members are Hapag-Lloyd (Germany), MISC Berhad (Malaysia), NYK (Japan) and OOCL (Hong Kong).

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Grand Alliance starts new European service

The Grand Alliance has implemented a new EU5 Service and updates to its dedicated Far East service.

The newly established EU5, together with service improvements in EU3 and EU4, will enhance schedule reliability and help to better meet customers' needs in a fast-growing market.

Eight vessels with an approximate capacity of 5,500TEU will be deployed in EU5.

The first sailings of the EU5 service are scheduled for week 16 westbound and week 20 eastbound.

The service will operate on a weekly basis with the following itinerary: Amsterdam - Hamburg - Southampton - Singapore -

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