Maritime news . Week 38
P&I claims hit a ten-year peak
Lockton, the world’s largest independent insurance broker, has released a report highlighting mounting financial pressures on the International Group of P&I Clubs despite modest premium increases. The report also highlights the crisis of suicides at sea.
The 2024/25 policy year saw the clubs report a collective underwriting loss of $312m, reversing two years of surpluses and resulting in a net underwriting loss of $98m over the past three years.
P&I claims hit a ten-year peak – with fires and electric vehicles emerging as new flashpoints for shipowners Net claims reached $3.1bn, up 25% year-on-year and 16% above the five-year average. Several clubs have pointed to the rising threat of fires as an increasing driver of major losses.
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Shipping’s big climate moment is here, but will it live up to its promise?
Emma Fenton, senior director of global diplomacy at Opportunity Green, explains the significance of the IMO Net-Zero Framework.
If you had to pick just one sentiment to describe the London International Shipping Week, it’s the anticipation of something great – and long-overdue – finally happening.
The week started with a powerful endorsement from over 180 global shipping companies for the historic shipping climate regulation, the IMO Net-Zero Framework, the world’s first meaningful emission pricing system on any international polluter.
The IMO’s agreed, legally-binding mechanism will require shipping companies to gradually reduce the carbon intensity of the energy they use on ships in line with set targets, and pay penalty fees if they fail to do so. It’s also expected to generate $10-15bn a year from 2030.
CNOOC averts strike as UK North Sea workers back new pay package
UK’s largest offshore trade union, Unite, has revealed that its members working on CNOOC platforms in the North Sea have agreed to a pay increase after threatening strike action.
Around 130 workers have overwhelmingly backed a pay deal with offshore operator CNOOC. The basic pay increase is worth 5.5%, with further improvements to allowances worth an additional 7%.
The overall package is equivalent to an uplift amounting to £8,000 (around $11,000) for members working on the Buzzard, Scott, and Golden Eagle platforms, depending on their role.
The workers were balloted on industrial action over pay and conditions on the three platforms. Several offers concerning pay and allowances have previously been rejected. In July, a 4.25% increase in basic pay was rejected.
Man Drives Ferrari On Aircraft Carrier & Sets New Record For Fastest Car On Ship
Along the Mediterranean coast of Italy, driver Fabio Barone raced across the flight deck of an aircraft carrier and made a new record: the fastest car on a boat.
In 2024, Barone set the Italian Timekeepers Federation’s Record on another aircraft carrier in southern Italy, in which he touched 152 km per hour.
In Civitavecchia, he aimed to attain atleast 160 km per hour, then hit the brakes to avoid going off the deck’s ski jump and crashing into the cruise ship docked in front.
Race Engineer Alessandro Tedino said that he was unsure if the new record could be achieved, as the naval vessel had been at sea all night and the crew found the flight deck wet in the morning.